Gold prices continued to soar during the afternoon trading session, with rings reaching new highs at several enterprises. Bao Tin Minh Chau posted ring prices at VND 115-118 million per tael, marking a VND 200,000 increase compared to the opening of the trading session.
PNJ and SJC Company listed their gold rings within the range of VND 113-115.5 million per tael, reflecting a substantial VND 500,000 increase.
Meanwhile, DOJI maintained its prices from the previous session, offering gold rings at a steady rate of VND 109.7-113 million per tael.
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Kicking off today’s trading session, gold rings and SJC gold continued their upward trajectory from yesterday’s close. Bao Tin Minh Chau quoted ring prices at VND 114.8-117.8 million per tael, indicating a VND 300,000 increase.
Gold prices as listed by Bao Tin Minh Chau this morning.
PNJ and the SJC Company followed suit, adjusting their gold ring prices upward by VND 500,000 per tael. They now trade at VND 112.5-115.5 million per tael. DOJI, with the same increment, raised its gold ring prices to VND 109.7-113 million per tael.
In contrast, SJC gold prices at these enterprises currently stand at VND 119.3-121.3 million per tael, witnessing an increase of VND 800,000 on the buying side and VND 300,000 on the selling side.
On the global front, spot gold prices touched USD 3,336 per ounce, surging by USD 22 compared to the previous session’s close, as per Kitco News. This upward trend extends the impressive start witnessed earlier in the week.
This rally in gold prices echoes the mounting concerns among investors regarding US trade policies and global unrest. However, unlike recent sessions, today’s price driver isn’t trade policies or tariffs but rather disturbing intelligence reports suggesting Israel’s potential plans to strike Iran’s nuclear facilities.
According to US intelligence officials quoted by major news outlets, fresh intelligence indicates that Israel may be plotting a potential attack on Iran’s nuclear infrastructure. Gold has traditionally been viewed as a safe-haven asset during periods of geopolitical turmoil, and the current situation reinforces this notion.
Analysts predict that as tensions in the Middle East remain in focus, demand for the precious metal will receive a solid boost. Even the mere prospect of conflict, without any actual escalation, is enough to push gold prices higher. Should military action materialize, it could destabilize the entire Middle East region and trigger widespread reactions across global financial markets, transcending the realm of safe-haven assets.
The Price of Gold Soars Past $3,300 per Ounce as the US Dollar Weakens
“Renowned market strategist Philip Streible of Blue Line Futures suggests that gold prices are facing a significant hurdle at the $3,350 per ounce mark. This pivotal level could dictate the precious metal’s short-term trajectory.”
The Golden Jump: How Gold Prices Surged by 2% and More in a Week
Compared to last weekend, spot gold prices surged over 5%, marking the strongest weekly gain since mid-April. The impressive rally pushed spot gold prices to nearly VND 5 million per tael…
“Investors Lose Hundreds of Millions in a Matter of Days: The Risky Business of Gold”
“Once considered a ‘safe haven’, gold is now a volatile asset. In today’s ever-changing economic landscape, the value of gold is subject to rapid fluctuations, making it an uncertain investment choice. With global markets in a constant state of flux, investors are seeking more stable havens for their wealth.”
The Debt Concern Rally Drives Gold Prices Up for 3 Consecutive Sessions, SPDR Gold Trust Sells Off Again
The depreciation of the US dollar and the surge in safe-haven demand amid economic and geopolitical concerns have been the primary catalysts for gold’s remarkable rally.
The Growth Investment Guru’s Fund Becomes Major Stakeholder in PNJ.
PNJ, or Phu Nhuan Jewelry Joint Stock Company, has a new major shareholder in the form of T. Rowe Price Associates, Inc., a prominent American investment fund. This development comes on the heels of Dragon Capital’s exit from the list of major shareholders, marking a significant shift in the company’s investor landscape.
