Today, Saigon Jewelry Company, DOJI Group, and Bao Tin Minh Chau LLC all listed the buying and selling prices of SJC gold bars at 154.3 – 156.3 million VND per tael. Compared to the end of last week, the price of SJC gold bars has increased by over 2 million VND per tael.
Notably, several companies listed varying buying and selling prices for SJC gold bars. Phu Quy Jewelry Corporation listed the price at 153.3 – 156.3 million VND per tael, while Mi Hong Gold System listed it at 154.8 – 156.3 million VND per tael.
Similarly, domestic gold rings are also at record highs. Specifically, Bao Tin Minh Chau listed gold rings at 152.5 – 155.5 million VND per tael for buying and selling.
According to an analysis by Bao Tin Manh Hai, domestic and global gold prices experienced significant fluctuations last week. At the beginning of the week, gold ring prices and Kim Gia Bao gold coins at Bao Tin Manh Hai fluctuated around 150.5 – 153.5 million VND per tael for buying and selling. However, by the end of the week, gold prices rose to 152.3 – 155.3 million VND per tael, an increase of 1.2 million VND from the start of the week. Additionally, Tieu Kim Cat gold is listed at 152.3 – 155.3 million VND per tael for buying and selling.
Meanwhile, global gold prices are currently listed at $4,300 per ounce, unchanged from yesterday. Last week, domestic gold prices rose sharply in line with global prices. In reality, global gold prices are equivalent to approximately 136 million VND per tael. Thus, domestic gold prices remain about 20 million VND higher than global prices.
According to experts, global gold prices last week fluctuated significantly based on expectations and interest rate decisions by the U.S. Federal Reserve (Fed). Initially, after a sideways movement between $4,180 and $4,220 per ounce at the start of the week, gold prices surged following the Fed Chair’s remarks, breaking multiple records. At one point, gold prices even exceeded $4,350 per ounce. Despite some selling pressure, global gold prices held steady at $4,300 per ounce by the end of the week.
What’s Next for Gold Prices This Week?
Global gold prices surged last week. Photo: Mint
According to Kitco’s gold price trend survey for the upcoming week, both investors and analysts predict further increases in gold prices.
Specifically, in a Wall Street survey, 13 analysts participated, with 85% expecting gold prices to rise. No one predicted a decline, and 15% anticipated prices to remain stable.
Similarly, in a Main Street online survey, investors maintained optimism about gold’s upward trend. Of the 237 participants, 71% believed gold prices would continue to rise to new highs, while only 11% expected a decline, and 18% predicted stability.
Marc Chandler, CEO of Bannockburn Global Forex, noted that gold’s stability is a positive sign. Spot gold prices reached nearly $4,340 by the end of last week. He added that the Fed’s Treasury bond purchases may have encouraged more gold buying than interest rate cuts. Additionally, a stronger U.S. dollar could support higher gold prices.
Edward Meir, an analyst at global financial services firm Marex, stated, “Inflation hasn’t yet reached the Fed’s 2% target. Therefore, lowering rates in an inflationary environment, which isn’t ideal, will significantly benefit gold prices.”
Lukman Otunuga, Senior Market Analyst at FXTM, believes gold’s upward momentum remains strong. He expects gold prices to target higher levels, potentially reaching $4,400 per ounce or more. However, a drop below $4,300 could trigger a sell-off to $4,240 or $4,200 per ounce.
This week, the market awaits interest rate decisions from major central banks, including the Bank of England (BoE) and the European Central Bank (ECB), along with key U.S. economic data such as Nonfarm Payrolls, retail sales, PMI, and CPI.
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Gold Ring and Gold Bar Prices on December 9th: Plummet by Up to 1.3 Million VND per Tael
The current domestic SJC gold bar selling price stands at 153.7 million VND per tael, while the price of gold rings fluctuates between 151.3 and 153.5 million VND per tael.
December 11: Gold Bar Prices Drop, Bao Tin Minh Chau and Bao Tin Manh Hai Increase Ring Gold Prices
At the close of the session on December 11th, the retail price of gold rings at major domestic gold shops fluctuated between 152 and 154 million VND per tael, while the selling price of gold bars stood at 154.5 million VND per tael.
December 11: Gold Bar Prices Drop, Bao Tin Minh Chau and Bao Tin Manh Hai Raise Ring Gold Prices
At the close of the session on December 11th, the retail price of gold rings at major domestic gold shops fluctuated between 152 and 154 million VND per tael, while the selling price of gold bars stood at 154.5 million VND per tael.
Year-End Gold Price Update: SJC Ring Prices Drop, Bullion Holds Steady as of December 3rd
Gold prices on December 3rd remained relatively unchanged compared to the previous session.
Gold Ring Prices Surge Dramatically
This morning (November 30th), while SJC gold bars held steady at their peak, gold rings continued their upward surge. The highest price for gold rings reached over 154 million VND per tael.
