Gold ring prices remained stable on the morning of July 5th, following a significant surge the day before. On July 4th, gold ring prices across various companies, including SJC, DOJI, PNJ, and Bao Tin Minh Chau, increased by 300,000 to 500,000 VND per tael, surpassing the 76 million VND per tael mark.
As of July 5th, SJC’s gold ring prices ranged from 74.4 to 76.1 million VND per tael. DOJI quoted prices between 74.9 and 76.35 million VND per tael, while PNJ and Bao Tin Minh Chau offered rates of 74.4 to 76.0 million, and 75.06 to 76.36 million VND per tael, respectively.
The price difference between gold rings and SJC gold bars has narrowed down to just 500,000 to 700,000 VND per tael. SJC gold bar prices on the market remained unchanged for over three weeks, hovering at 75.0 to 77.0 million VND per tael.
In the international market, the spot gold price stood at $2,357 per ounce, equivalent to 72.5 million VND per tael when converted using Vietcombank’s exchange rate, and 73.8 million VND per tael based on the black market exchange rate.
After being stuck below the $2,350 per ounce mark for over a week, the precious metal witnessed a strong rally and breached this level. Gold prices surged after the US released crucial employment data indicating a cooling job market, potentially paving the way for an earlier-than-expected interest rate cut by the Federal Reserve (Fed).
According to the ADP employment report, the private sector added 150,000 new jobs in June, falling short of the expected 160,000 and lower than May’s figure of 152,000. Additionally, the US Department of Labor reported an increase in initial jobless claims to 238,000 in the week before, up from 233,000 in the previous week.
Market sentiment underwent a notable shift, as reflected by the FedWatch tool of CME. Currently, there is a 72.6% probability of an interest rate cut by or before the September FOMC meeting. The likelihood of a 0.25% reduction stands at 66.5%.
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.
Market Update on February 3rd: Crude oil, gold, copper, iron and steel, and rubber all decline together.
At the close of trading on February 2nd, the prices of oil, gold, copper, steel, rubber, and coffee all saw a simultaneous decrease, with iron ore hitting a two-week low.
Weekend Ending Sees Significant Gold SJC Price Drop
After surging to nearly 79 million dong per tael on February 2nd, the price of SJC gold is now plummeting towards the 78 million dong per tael mark this weekend.
