Specifically, SJC Company listed ring gold prices at 76.25-77.7 million VND per tael. DOJI Group applied the rate of 76.25-77.5 million VND per tael. Bao Tin Minh Chau and PNJ listed 76.28-77.48 million VND and 76.3-77.55 million VND per tael, respectively.
SJC gold price remained unchanged, staying at 76.5 million VND per tael for buyers and 78.5 million per tael for sellers.
In the international market, gold was trading at $2,430 per ounce, equivalent to about 74.5 million VND per tael when converted according to the current VND/USD exchange rate.
Last week, the gold market started with one of the biggest shocks in recent years as the Japanese Yen interest rate spread trades were unwound and fears of a US economic recession caused a sharp decline in risky asset markets, dragging gold prices down with them. Gold initially benefited from the sharp fall in stock and bitcoin prices. However, many investors then sold off gold to cover margin calls as equity markets plummeted, causing gold to drop to $2,360 per ounce at one point.
As the panic subsided, stock markets rebounded in many places, and the gold market also recovered, ending the week above the $2,400 per ounce level.
This week, 10 analysts participated in the Kitco News Gold Survey, with the majority expecting gold to stabilize as the pessimistic sentiment has completely dissipated. Six experts, or 60%, predicted that gold prices would move sideways next week, while the remaining 40% believed that gold would gain further in the coming week. No one forecast a decrease in the price of the precious metal.
Meanwhile, 210 votes were cast in the Kitco online survey, with most retail investors maintaining an optimistic outlook. 130 traders, or 62%, expected gold prices to rise next week. 45 others, or 21%, predicted lower gold prices, while 35 people, representing 17%, foresaw a sideways market in the week ahead.
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.
