At the end of February 11 (February 2 Tet), SJC gold price was bought by businesses at 77.5 million VND/tael and sold at 78 million VND/tael, remaining stable compared to the morning. SJC gold price varies among companies as many companies and banks suspend trading during the Lunar New Year holiday.
The prices of different types of gold rings and 24K gold jewelry are also maintained at a high level. Accordingly, SJC and PNJ brand gold rings are traded around 63.4 million VND/tael for buying and 64.6 million VND/tael for selling. On the other hand, gold rings from other gold shops are traded at a lower level – with buying price of 62.8 million VND/tael and selling price of 63.3 million VND/tael.
Gold prices in the country remain high
Some gold shops in Ho Chi Minh City said that during the 2 days of the Lunar New Year, SJC gold prices, as well as the trading demand for this type of gold, were almost “stagnant”. However, the demand for trading gold rings and jewelry of all kinds still exists when people have the psychology of buying gold for luck at the beginning of the year. The increased demand caused the prices of gold rings and jewelry in the country to be 3-4 million VND/tael higher than the world market.
In the international market, gold prices closed the trading week at 2,029 USD/ounce, a sharp decrease of about 10 USD/ounce compared to the previous week. In recent days, the world gold price has continuously decreased, heading towards the range of 2,000 USD/ounce.
“The world gold price tends to continue to rise in 2024 when the US and many countries control inflation and are on a path of interest rate cuts. The low interest rate environment and the reduction in government bond yields will stimulate money flow into gold. The market is waiting for information from the US consumer price index in the coming days,” Mr. Phuong commented.
