Specifically, at 10:00 am at Bao Tin Minh Chau, SJC gold is listed at 80.05-81.90 million VND/tael. The price of 24k (9999) plain gold rings here is at 69.98-71.28 million VND/tael.
At Saigon Jewelry, gold pieces of SJC are priced at 80.00-82.00 million VND/tael. The price of 9999 gold rings is listed at 68.80-70.05 million VND/tael.
At DOJI Group, the price of SJC gold is 79.95-81.95 million VND/tael. The price of plain gold rings is 69.95-71.25 million VND/tael.
The price difference between buying and selling SJC gold is currently around 2 million VND/tael, while the difference in plain gold rings is about 1.2-1.3 million VND/tael.
From the beginning of 2024 until now, the price of SJC gold has increased by about 2.5 million VND/tael, while the price of plain gold rings has increased by about 7.5 million VND/tael.
In the past year (11/3/2023-11/3/2024), the price of SJC gold has increased by 15.5 million VND/tael, equivalent to an increase of 23%. Meanwhile, 24k plain gold rings have increased by 16.5 million VND/tael, equivalent to an increase of 30%. This profit margin is much higher than that of bank savings. Deposit interest rates at banks last year were around 6-7% per year for a 12-month term, but it has now decreased to below 5% per year.
In the international market, the price of gold has sharply increased and reached an all-time high. This precious metal reached a milestone of $2,200/ounce in the trading session on March 8. As of March 11, the international gold price is at $2,177/ounce.
Converted according to the USD/VND exchange rate at commercial banks, the international gold price is equivalent to 65.5 million VND/tael (excluding taxes and fees). Meanwhile, estimated based on the USD exchange rate in the free market, the international gold price is equivalent to about 67 million VND/tael (excluding taxes and fees).
The latest weekly gold survey by Kitco News shows that price increase forecasts for this week (11-17/3) are dominant on Wall Street and Main Street. The majority of respondents believe that gold will increase or trend sideways.
14 analysts participated in Kitco News’ Gold Survey with a prevailing optimistic view. Six experts, equivalent to 43%, expect higher gold prices. Meanwhile, 43% forecast a sideways movement and 14% forecast a decrease.
On the other hand, 296 votes were cast in Kitco’s online polls, with the majority of retail investors also predicting further increases in gold prices. 173 retail traders, accounting for 58%, expect gold to rise this week. While 23% predict a decrease and 19% have a neutral view.
Sean Lusk, Director of Commercial Hedging at Walsh Trading, believes that all signs indicate that this recovery is driven by active buying.
Lusk says that even when gold is at an all-time high, it will still continue to rise. The strange thing in the market is that all other metals are decreasing in price, and energy is also decreasing, only gold is increasing. Walsh Trading’s target price is $2,175/ounce, which is a 5% increase for the year. And after surpassing this level, Lusk believes that performance could double, meaning a 10% increase to $2,278/ounce. “Gold must increase by another $90 to reach that level. But two weeks ago, no one thought that we could reach $2,175 at this time, so it really can’t be said that $2,178 is an impossible level”.
