Gold prices remained unchanged on the morning of July 3, with SJC gold still listed at 75 million VND per tael for buyers and 77 million VND per tael for sellers.
The price of 24k plain gold rings saw a slight decrease of 50,000-100,000 VND per tael compared to the previous day. Buying prices are now commonly at 74-75 million VND per tael, while selling prices range from 75.7 to 76 million VND per tael.
Specifically, SJC Company decreased their prices by 50,000 VND per tael from the previous day, now ranging from 74.0 to 75.7 million VND per tael. DOJI Group also lowered their rates by 100,000 VND, offering prices between 74.8 and 76.1 million VND per tael. PNJ listed their prices at 73.95 to 75.6 million VND per tael, while Bao Tin Minh Chau remained unchanged from the previous session, at 74.88 to 76.18 million VND per tael.
In the international market, the spot gold price is currently at $2,319 per ounce. When converted according to Vietcombank’s USD/VND exchange rate, the international gold price is equivalent to 71.5 million VND per tael. However, when using the USD exchange rate in the black market, the international gold price corresponds to 73 million VND per tael. In the past few weeks, gold prices have been stuck below the $2,350 per ounce mark. Analysts from the World Gold Council (WGC) believe that the precious metal could receive good support in the second half of the year.
Juan Carlos Artigas, Head of Research at the World Gold Council, told Kitco News that the current situation does not diminish gold’s performance in the first half of the year. As of this writing, gold prices have increased by about 12%. Artigas stated that gold is one of the best-performing assets in the global financial market.
Notably, gold prices have risen despite the Federal Reserve’s monetary policy, which has supported higher bond yields and a stronger US dollar. Artigas pointed out that gold has been able to withstand these headwinds due to robust physical demand in Asia and record-breaking purchases from central banks. Going forward, capital inflows from Western investors could provide another boost to gold prices. Although the gold market currently lacks a catalyst, the WGC noted that ongoing geopolitical instability, economic recession threats, and persistent inflation will continue to create a positive environment for the precious metal.
Deadline for Reporting Gold Market Management and Operations Results to SBV Today, January 31
As per the directive of Prime Minister Pham Minh Chinh, today (January 31, 2024) is the deadline for the State Bank of Vietnam (SBV) to submit a report on the summary of Decree 24, which includes proposals for amending and supplementing certain regulations for managing the gold market.
Gold prices surge as Lunar New Year approaches
On the morning of February 1st, the domestic gold price continued to surge with an increase of 500,000 VND/tael, approaching the 78 million VND/tael mark. As Tet holiday approaches, the price of gold tends to rise sharply.
Gold prices: SJC gold and plain gold rings surge simultaneously
On the morning of January 31st, the prices of SJC gold and 24k smooth gold rings in Vietnam saw a simultaneous increase compared to the previous day.
Gold prices surge to nearly 79 million dong per tael ahead of Tet, investors make huge profits.
After dropping sharply from 80.5 million VND per tael to 74 million VND per tael at the beginning of the year, SJC gold price has been showing signs of recovery recently. On February 2nd, the price of gold continued to rise significantly and reached nearly 79 million VND per tael.
Market Update on February 2nd: Oil, Copper, Iron & Steel, Rubber, and Sugar Prices Decline, Gold Surges to Almost 1-Month High.
At the end of the trading session on February 1st, the prices of oil, copper, iron and steel, rubber, and sugar all dropped, while natural gas hit a nine-month low and gold reached its highest point in nearly a month.
