SJC Company’s plain gold ring prices have surged to 75.1-76.8 million VND per tael, an increase of 600 thousand VND from yesterday. DOJI Group has raised their prices by 800 million VND to 76.15-77.4 million VND per tael.
SJC gold prices remained unchanged at the beginning of July 12, buying at 75 million VND per tael and selling at 77 million VND per tael. Around 9:30 AM, banks announced today’s SJC gold selling price. If it remains unchanged, SJC gold prices will mark the 37th day of stagnation and officially fall below plain gold ring prices, an unprecedented event since the SJC brand monopoly.
Last night on July 11 (Vietnam time), the world gold price soared to 2,417 USD per ounce. As of 8:30 AM on July 12, the world gold price stood at 2,408 USD per ounce.
Converted according to the VND/USD exchange rate, the world gold price is currently equivalent to 74 million VND per tael, excluding taxes and fees.
The precious metal surged as the latest inflation report further bolstered the possibility of an early interest rate cut by the Federal Reserve. June inflation in the US fell for the first time in over four years. The US Department of Labor reported that the core CPI for June decreased by 0.1% from May to about 3%, the lowest in more than three years. This is the first time since May 2020 that US inflation has shown a downward trend.
Previously, during the hearing before the US House Financial Services Committee on July 10, Fed Chairman Powell provided an assessment of the inflation target for interest rate cuts. Accordingly, the Fed may not wait until inflation falls to the 2% target before starting to cut interest rates.
