Gold prices surged on the morning of July 18, with banks and gold companies listing prices at 80 million VND per tael, marking a significant increase of 3 million VND per tael. This is the first adjustment in gold prices after almost two months, as SJC gold prices remained constant at 77 million VND per tael from June 6 to July 17.
The buying price of SJC gold also witnessed a substantial increase, currently standing at 78.5 million VND per tael, reflecting a rise of approximately 2.5 million VND per tael.
Plain 24K gold ring prices continued their upward trend, hovering around 78 million VND per tael. Specifically, SJC Company adjusted the price of this type of gold to 76.0-77.6 million VND per tael. DOJI Group listed prices at 76.35-77.55 million VND per tael, while Bao Tin Minh Chau quoted 76.28-77.58 million VND per tael.
In the international market, gold prices soared to a new record high of 2,482 USD per ounce yesterday. As of 9:15 a.m. on July 18, the spot gold price cooled down to 2,460 USD per ounce. Converted based on Vietcombank’s exchange rate, the international gold price is equivalent to approximately 75.5 million VND per tael, excluding taxes and fees.
According to commodity strategists at J.P. Morgan, gold has decoupled from interest rate expectations. Despite its strong performance recently, gold may continue its upward trajectory in the coming period. J.P. Morgan has also raised its gold price forecast for 2024 and 2025. According to the latest estimates by J.P. Morgan Research, gold prices are now predicted to reach 2,500 USD per ounce by the end of 2024. The new estimates assume that the Fed’s rate cut cycle will only commence in November, while the market has fully priced in a September cut.
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 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.
