Specifically, SJC Company increased by 200 thousand VND per tael, listing the ring gold price at 74.6-76.3 million VND per tael. Meanwhile, DOJI Group decreased by 300 thousand VND per tael to 75.3-76.6 million VND per tael.
Bao Tin Minh Chau kept the ring gold price unchanged at 75.38-76.68 million VND per tael. PNJ listed the price at 74.6-76.1 million VND per tael.
SJC gold price this morning remained unchanged, still at 75 million VND per tael for buyers and 77 million VND per tael for sellers. Thus, the SJC gold price has been stagnant from June 6th to today, which is 33 consecutive days.
The price difference between SJC gold and plain ring gold is also at a record low, at only about 500 thousand VND per tael.
In the international market, gold prices rebounded strongly at the end of last week. Currently, the spot gold price is at $2,388 per ounce. When converted according to the VND/USD exchange rate of Vietcombank, the international gold price is equivalent to 73.3 million VND per tael. Meanwhile, when converted according to the USD exchange rate in the free market, the international gold price is equivalent to 74.3 million VND per tael.
Many gold investors are hoping for the $2,400 milestone as the market sees fewer obstacles to the easing cycle of the Federal Reserve (FED). Disappointing economic data, including the slowdown in the US labor market, are raising market expectations that the Federal Reserve will cut interest rates in September. On Friday, the US Bureau of Labor Statistics announced that the US economy added 206,000 jobs in the previous month, exceeding expectations. However, the unemployment rate rose to 4.1%, up from 4.0% in May.
Twelve Wall Street analysts participated in Kitco News’ gold survey, and the majority predicted that the precious metal would rise in price. Ten analysts, representing 83%, expected gold prices to climb higher this week; meanwhile, one analyst, or 8%, predicted a decline. Only one analyst forecast that gold prices would stabilize.
In the Kitco online survey, 164 votes were cast. 108 retail investors, or 66%, predicted that gold prices would rise this week. Twenty-six others, or 16%, anticipated lower gold prices. The remaining 30 voters, or 18%, expected prices to stabilize.
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.
Surge in Domestic Gold Prices
At the beginning of February, the domestic gold price witnessed a significant surge.
