During the weekend of September 28th, the price of SJC gold bars was listed by major enterprises at 133 million VND per tael for buying and 135 million VND per tael for selling, marking a 2 million VND increase per tael compared to the previous weekend.
Following the same upward trend, the price of 99.99% gold rings and jewelry closed the week at around 128.8 million VND per tael for buying and 131.5 million VND per tael for selling, also rising by 2 million VND per tael from the previous weekend.
The buying-selling price gap was maintained above 2 million VND per tael by businesses.
In the free market, the prices of SJC gold bars and 99.99% gold rings also saw significant increases, widening the gap compared to major gold companies. Currently, some small gold shops quote SJC gold bars at 137.3 million VND per tael for buying and 139 million VND per tael for selling, up by approximately 3 million VND from the previous weekend.
However, compared to the highest peak of 143.5 million VND per tael in the free market, gold prices remain about 4.5 million VND lower.
Domestic gold prices continue to rise in recent times
Is Gold Rising Too Fast?
Domestic gold prices are climbing in line with the robust global price increases. Last week, international gold prices continued to set new highs, reaching 3,785 USD per ounce at one point.
By the end of the week, the precious metal settled at 3,764 USD per ounce, a significant increase of about 80 USD from the previous week. This surge surpassed many analysts’ forecasts.
Nevertheless, Kitco’s survey on the upcoming week’s trend reveals that both experts and investors anticipate further gold price increases.
In the Wall Street survey, out of 19 participating analysts, a staggering 84% believe gold prices will continue to rise; none predict a decline; and only 16% expect prices to remain stable.
Similarly, in the Main Street online survey, 265 investors participated. Among them, 63% also foresee gold prices rising further, while only 21% predict a decrease, and the remaining 16% believe prices will stabilize.
SJC gold bar prices are near recent peaks
According to analysts, gold remains an attractive investment channel amid recent forecasts indicating additional interest rate cuts by the U.S. Federal Reserve (FED). Additionally, strong gold purchasing demand from central banks in several countries continues to drive gold prices upward.
However, in the short term, gold prices are rising rapidly and even entering overbought territory. Some opinions caution that gold prices are overheating. Given the recovering U.S. dollar and stronger U.S. interest rates, gold may face short-term profit-taking pressure.
In the domestic market, SJC gold bar prices are approximately 15 million VND per tael higher than global gold prices.
Although this gap has narrowed from the previous 20 million VND per tael, it remains significantly higher than the target range of 4-5 million VND per tael.
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