Gold prices rose on the morning of July 2, with plain 24K gold rings increasing by 100-200 thousand VND per tael compared to the previous day.
At SJC, gold ring prices surged by 100 thousand VND per tael to 74.05-75.75 million VND per tael. DOJI Group increased prices by 150 thousand VND per tael, listing them at 74.9-76.15 million VND per tael. PNJ listed prices at 73.95-75.6 million VND per tael, while Bao Tin Minh Chau raised prices by 200 thousand VND per tael to 74.88-76.18 million VND per tael.
Thus, the price of plain gold rings has risen very close to that of SJC gold. SJC gold prices are currently stable at 75.0-77.0 million VND per tael. Some places listed the buying price at 75.5 million VND per tael and the selling price at 77.0 million VND per tael. SJC gold prices have remained unchanged for more than three weeks, despite fluctuations in the world gold market.
In the international market, gold prices have been trading sideways, fluctuating within a narrow range of about $15 per ounce. Spot gold is currently trading at $2,333 per ounce. When converted according to Vietcombank’s VND/USD exchange rate, the international gold price is equivalent to 71.5 million VND per tael. However, when converted according to the USD exchange rate in the free market, the international gold price is equivalent to 73 million VND per tael.
According to Kitco News, commodity analysts at BCA Research suggested that the consolidation of gold prices within a narrow range, remaining below the $2,350 per ounce level, is merely the calm before the storm. They reiterated the long-term bullish outlook for the precious metal. Previously, BCA Research had also been optimistic about gold prices since November 2022. “So far, gold has managed to hold the important support level of around $2,300 per ounce. Central banks’ demand for gold reserves remains strong. Although China halted gold purchases in May, they are likely to continue building up their gold reserves,” the report stated.
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.
