In a dynamic shift, SJC gold prices surged by 500 thousand VND per tael for both buying and selling, reaching 83.3-85.8 million VND per tael.
Gold ring prices also witnessed adjustments. SJC Company increased their rates by approximately 200 thousand VND per tael, settling at 82.7-84.7 million VND per tael. DOJI Group followed suit, raising their prices to 83.6-84.7 million VND per tael, an increase of 100-200 thousand VND from the previous day.
Similarly, Bao Tin Minh Chau currently quotes smooth gold ring prices at 83.58-84.68 million VND per tael, while PNJ applies a range of 83.6-84.7 million VND per tael.
On the international front, spot gold prices stand at $2,656 per ounce, reflecting an increase of about $30 per ounce from yesterday’s morning session. While the precious metal has recovered, it still lags significantly behind the $2,700 per ounce mark, failing to reclaim its opening price for this week.
Gold witnessed a robust 5.98% weekly gain last week, the strongest performance this year. However, James Stanley, Senior Market Strategist at Forex.com, cautions that this upward momentum could face challenges towards the month-end. Geopolitical factors, especially the Russia-Ukraine tensions, have fueled gold’s demand. Yet, as we move into this week, gold prices are undergoing notable adjustments, with crucial support and resistance levels at 2,617-2,621 and 2,660-2,666, respectively. Stanley predicts that gold’s nine-month-long rally may come to an end unless significant events unfold in the next few days, particularly with the Thanksgiving holiday in the US.
