Gold Ring Prices Continue to Plummet

This morning (6/2), the price of gold rings tends to decrease in the days leading up to Tet, while the price of SJC pieces continues to rise significantly.

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Saigon Gold, Silver and Gemstone Company listed the price of SJC gold at 76.2-78.4 million VND/tael for buying and selling, increasing by 300,000 VND/tael for selling. The price of smooth round rings is 63.2-64.4 million VND/tael.

The price of SJC gold at Bao Tin Minh Chau Company is 76.23 million VND/tael for buying and 78.35 million VND/tael for selling, increasing by 250,000 VND/tael. The price of smooth round rings is listed at 64.48-65.58 million VND/tael for buying and selling, decreasing by 60,000 VND/tael for both directions.

SJC gold has increased strongly in the days leading up to Tet.

Doji 9999 rings from the Doji Group in the Hanoi market are priced at 63.85-65.1 million VND/tael, decreasing by 50,000 VND/tael for buying and 100,000 VND/tael for selling.

At the same time, the world gold price is listed at 2,027 USD/ounce, decreasing by 8 USD/ounce from yesterday morning.

According to global experts, gold prices have decreased sharply because the US and European economies have announced positive Purchasing Managers’ Index (PMI) for January. Specifically, in Europe, the S&P Global Composite PMI increased from 47.6 points last month to 47.9 points in January 2024.

In the UK, the composite Purchasing Managers’ Index for January also increased from 52.1 points last month to 52.9 points in January. The PMI for services in the UK also increased from 53.4 points last month to 54.3 points in January.

Japan’s service PMI increased strongly from 51.5 points last month to 53.1 points in January.

In the US, the service PMI also increased from 51.4 points last month to 52.5 points in January. The S&P Global composite PMI in the US also increased strongly from 50.9 points last month to 52 points in January. The new orders index for the non-manufacturing sector in the US from ISM in January increased from 52.8 points last month to 55 points. The non-manufacturing PMI from ISM in the US also increased from 50.5 points last month to 53.4 points.

Therefore, the purchasing managers’ indices in the manufacturing and non-manufacturing sectors of major economies in the world such as the US, Europe, Japan, and the UK have all increased significantly compared to before. This shows that major economies are recovering positively despite escalating tensions in the South China Sea, which has prompted investors to return and sell gold.

Along with that, the Chairman of the Federal Reserve (Fed) made a speech last night (Hanoi time). He still maintains a firm stance that the interest rate cannot be lowered in March. The “hawkish” stance of Fed Chairman Jerome Powell came after the report on employment and Q4/2023 GDP growth of the US was announced last week, which was positive despite the high interest rates.

This confirms that the Fed is not in a hurry to lower interest rates early to curb inflation. When interest rates are still high for a long time, the costs of investment and gold deposits increase, so investors have pushed gold sales, causing prices to decrease sharply in the overnight session.

In the foreign exchange market, on February 6, the State Bank of Vietnam maintained the central exchange rate at 23,954 VND/USD, decreasing by 5 VND/USD compared to yesterday morning.

SOURCEcafef
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