The Golden Opportunity: Unveiling the Latest SJC Gold Prices and Beyond

Domestic gold prices witnessed a surge this morning, with DOJI Group listing gold rings at 99.99% purity at VND 81.45-82.5 million per tael, a VND 1 million increase from yesterday. Similarly, PNJ also raised prices for this type of gold to VND 81.5-82.5 million per tael. Bao Tin Minh Chau applied a range of VND 81.58-82.48 million per tael.

SJC gold prices remained unchanged at VND 81.5-83.5 million per tael. On September 24, gold bullion prices were adjusted upwards by VND 1.5 million per tael.

As a result, the buying prices for plain gold rings and SJC gold bars among gold enterprises are now on par with each other.

In the international market a few hours ago, gold prices continued to reach new highs. The precious metal surpassed $2,660 per ounce in the early morning today (Vietnam time). When converted according to the current VND/USD exchange rate, the world gold price is equivalent to VND 80 million per tael, excluding taxes and fees.

The continuous record-breaking surge in the price of the yellow metal reflects the instability in other markets and the quest for safe-haven assets by investors. The primary drivers of this price increase are global monetary easing policies, including the People’s Bank of China’s reduction in the required reserve ratio and the lowering of minimum payment requirements for mortgage loans.

Additionally, the US Federal Reserve’s interest rate cut has diminished the appeal of the US dollar while heightening inflationary pressures. These factors create a favorable environment for gold, a well-known inflation hedge. According to TradingView analyst Arman Shaban, if the trend of decreasing interest rates and political turmoil, such as the conflict in the Middle East, persists, gold prices could climb to $3,000 per ounce in the medium term. However, if there is a short-term correction, the first support level may be $2,617 per ounce.