At 6 am on August 30, Vietnam time, the international gold price stood at $2,520 per ounce, a significant surge of about $15 per ounce compared to the previous day.
During the session, there was a sharp dip towards the $2,500 per ounce mark, but strong buying support pushed the precious metal’s price back up to $2,528 per ounce. Gold prices have been fluctuating within a $30 range in recent sessions.
According to our correspondent, gold prices have been on a rollercoaster ride lately, experiencing sharp rises and falls before rebounding.
Gold prices rebound internationally
The main driver of gold’s volatility is believed to be the Federal Reserve’s interest rate decision. Additionally, the recovery of the US Dollar Index (DXY) in the previous session exerted pressure on gold prices.
As of this morning, the DXY has climbed back to 101.3 points, up 0.31% from the previous session. In a surprising turn of events, both the US dollar and gold prices rose simultaneously, leaving investors perplexed.
Investors are closely monitoring upcoming US inflation data, due later this week, to gain clearer insights into gold’s trajectory. Earlier, the US reported a decrease in initial jobless claims, indicating controlled inflation. This positive economic data has sparked debates about the possibility of a smaller-than-expected 0.5% interest rate cut by the Fed.
In Vietnam, as of 6 am this morning, SJC gold bars were listed at VND 79 million per tael for buyers and VND 81 million per tael for sellers, unchanged for several days.
24K gold jewelry and decorative gold were traded around VND 77.4 million per tael for buyers and VND 78.65 million per tael for sellers, up VND 50,000 from the previous day.
The world gold price converted to VND is approximately VND 76 million per tael.
SJC gold bars remain stable at VND 81 million per tael for a week
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.
