Gold prices in Vietnam witnessed a slight surge today, with a notable increase of VND 50,000 per tael across various jewelry brands. DOJI Group led the pack with a quoted price of VND 74.65-75.9 million/tael, closely followed by SJC at VND 73.95-75.65 million/tael. PNJ maintained competitiveness with a range of VND 73.95-75.6 million/tael, while Bao Tin Minh Chau quoted their prices at VND 74.56-75.86 million/tael.
SJC gold prices remained stagnant for the 22nd consecutive session, holding steady at VND 75.0 million/tael for buyers and VND 77.0 million/tael for sellers.
Internationally, gold prices hovered around $2,327 per ounce, translating to approximately VND 71.5 million/tael based on Vietcombank’s exchange rate. However, when calculated using the black market exchange rate, the international gold price corresponded to VND 73 million/tael.
In the Wall Street Kitco News gold survey, out of 12 analysts, four (33%) predicted higher gold prices for the upcoming week. Meanwhile, two analysts (17%) anticipated a decline, and the remaining six (50%) expected gold to hold steady.
The online survey by Kitco attracted 178 votes, with 86 traders (48%) forecasting an upward trend in gold prices for the week ahead. Contrarily, 50 voters (28%) envisioned a downward trajectory, and the remaining 42 participants (24%) believed that gold would continue to trade sideways.
Deadline for Reporting Gold Market Management and Operations Results to SBV Today, January 31
As per the directive of Prime Minister Pham Minh Chinh, today (January 31, 2024) is the deadline for the State Bank of Vietnam (SBV) to submit a report on the summary of Decree 24, which includes proposals for amending and supplementing certain regulations for managing the gold market.
Gold prices surge as Lunar New Year approaches
On the morning of February 1st, the domestic gold price continued to surge with an increase of 500,000 VND/tael, approaching the 78 million VND/tael mark. As Tet holiday approaches, the price of gold tends to rise sharply.
Gold prices: SJC gold and plain gold rings surge simultaneously
On the morning of January 31st, the prices of SJC gold and 24k smooth gold rings in Vietnam saw a simultaneous increase compared to the previous day.
Gold prices surge to nearly 79 million dong per tael ahead of Tet, investors make huge profits.
After dropping sharply from 80.5 million VND per tael to 74 million VND per tael at the beginning of the year, SJC gold price has been showing signs of recovery recently. On February 2nd, the price of gold continued to rise significantly and reached nearly 79 million VND per tael.
Market Update on February 2nd: Oil, Copper, Iron & Steel, Rubber, and Sugar Prices Decline, Gold Surges to Almost 1-Month High.
At the end of the trading session on February 1st, the prices of oil, copper, iron and steel, rubber, and sugar all dropped, while natural gas hit a nine-month low and gold reached its highest point in nearly a month.
