Gold prices in Vietnam witnessed a slight dip today, with a reduction of VND 100,000 per tael. SJC Company quoted their gold ring price at VND 76.5-77.9 million per tael, while DOJI Group applied a rate of VND 76.6-77.8 million per tael. Meanwhile, Bao Tin Minh Chau and PNJ posted prices at VND 76.58-77.78 million and VND 76.5-77.79 million per tael, respectively.
Internationally, gold prices surged towards record highs before plunging by approximately $30 per ounce. Spot gold is currently trading at $2,452 per ounce, equivalent to about VND 75.3 million per tael, excluding taxes and fees.
Earlier, global gold prices skyrocketed and were poised to set an all-time high amid escalating geopolitical tensions in the Middle East and Ukraine. Additionally, easing inflation in the US fueled expectations of an early interest rate cut by the Federal Reserve, which bodes well for gold.
However, gold quickly reversed course as investors rushed to lock in profits. Traders also believed that the momentum wasn’t strong enough to propel the precious metal to new highs.
Market Update on February 2nd: Oil, Copper, Iron & Steel, Rubber, and Sugar Prices Decline, Gold Surges to Almost 1-Month High.
At the end of the trading session on February 1st, the prices of oil, copper, iron and steel, rubber, and sugar all dropped, while natural gas hit a nine-month low and gold reached its highest point in nearly a month.
Market Update on February 3rd: Crude oil, gold, copper, iron and steel, and rubber all decline together.
At the close of trading on February 2nd, the prices of oil, gold, copper, steel, rubber, and coffee all saw a simultaneous decrease, with iron ore hitting a two-week low.
Weekend Ending Sees Significant Gold SJC Price Drop
After surging to nearly 79 million dong per tael on February 2nd, the price of SJC gold is now plummeting towards the 78 million dong per tael mark this weekend.
