At 9:30 am on August 28th, SJC gold bars were priced by SJC Company at VND 79 million per tael for buying and VND 81 million per tael for selling, stable compared to the previous day.
Meanwhile, the prices of 24K gold rings and jewelry traded by SJC and PNJ fluctuated around VND 77.4 million per tael for buying and VND 78.65 million per tael for selling, an increase of VND 100,000 per tael compared to the previous day. The price of gold rings has been continuously increasing since the beginning of the week, following the upward trend of global gold prices, although the fluctuation pace is slower.
This is also the highest price for gold rings ever listed by SJC and PNJ, far surpassing the peak of VND 77.5 million per tael set in May this year.
Gold ring prices have been on the rise in recent days
The surge in domestic gold ring prices occurs amidst global gold prices hovering at peak levels and are even expected to climb further towards new highs.
As of 9:30 am Vietnam time, the trading price of gold in the international market was USD 2,515 per ounce, slightly lower than the previous session but still in the highest range ever.
Gold prices remain at peak levels as investors are almost certain that the US Federal Reserve (Fed) will initiate an interest rate cut cycle in September. The current discussion revolves around whether the initial reduction will be by 0.25 or 0.5 percentage points.
The US Dollar Index (DXY) witnessed a mild recovery this morning, climbing to 100.5 points but still lingering at its lowest level since the end of last year.
At present, the global gold price converted based on the listed exchange rate is approximately VND 75.8 million per tael.
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.
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.
