DOJI Group has raised gold prices by 100 thousand VND per tael, now trading at 75.35-76.60 million VND per tael. SJC followed suit with an increase of 200 thousand VND, settling at 74.55-76.25 million VND per tael.
Other jewelers, Bao Tin Minh Chau and PNJ, have also raised their rates. Bao Tin Minh Chau added 100 thousand VND, offering gold rings at 75.28-76.58 million VND per tael. PNJ increased their rates by 200 thousand VND, selling at 74.5-76.1 million VND per tael.
SJC gold prices have remained stagnant for 36 consecutive days, still trading at 77 million VND per tael at major banks and gold companies. The buying price is generally at 75 million VND per tael, with some places offering 75.5 million VND.
In the international market, gold prices rebounded strongly on July 10 (Vietnam time), surging to $2,388 per ounce. By 9:15 a.m. on July 11, prices dipped to $2,375 per ounce, equivalent to approximately 72.5 million VND per tael when converted according to the current VND/USD exchange rate.
Gold prices recovered slightly after the Fed Chairman, Jerome Powell, warned about the risks of maintaining high-interest rates for too long.
Testifying before Congress on July 9, Powell stated that keeping interest rates high for an extended period could hinder economic growth. He said, “Easing policy too late or too little could unnecessarily impede economic activity and job market conditions. More positive data would reinforce the Committee’s confidence that inflation is moving back down to 2%.”
This statement has led analysts to predict the possibility of the FED cutting rates twice this year. Alex Kuptsikevich, a senior market analyst at FxPro, noted that while gold has benefited from the weak USD since late June, prices are more likely to fall below $2,300 than surge to new all-time highs in the coming period. He attributed the recent gold strength mainly to the parallel weakness of the US dollar, which has fallen by 1% since the end of June.
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.
Which bank offers the highest interest rate for online savings in early February 2024?
Beginning February 1st, 2024, several banks have been adjusting their interest rates downwards for savings accounts ranging from 1 to 24 months. Based on a survey conducted across 16 banks, the highest annual interest rate for online savings deposits at a 6-month term is 5%, while for a 12-month term, it is 5.35%.
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.
4 Factors Putting Pressure on USD/VND Exchange Rate in Q1/2024
With the currency exchange rate fluctuating in the first few weeks of 2024, Mr. Ngo Dang Khoa, Director of Foreign Exchange, Capital Markets and Securities Services at HSBC Vietnam, highlights four factors putting pressure on the USD/VND exchange rate in Q1/2024…
