Gold prices surged today, with a notable increase observed in 24k gold ring prices at SJC Company, soaring by up to VND 400,000 per tael to VND 74.4-76.1 million per tael. This significant jump is a rare occurrence in the past month.
Similarly, Phu Nhuan Jewelry Company (PNJ) witnessed a VND 500,000 increase in buying prices and a VND 400,000 hike in selling prices for gold rings, reaching VND 74.4-76.0 million per tael. DOJI Group also raised gold ring prices by VND 250,000 per tael, listing them at VND 74.9-76.35 million per tael. Bao Tin Minh Chau followed suit with prices set at VND 75.16-76.46 million per tael.
Meanwhile, SJC gold prices remained stagnant at VND 75 million per tael for buying and VND 77 million per tael for selling.
In the international market, spot gold prices climbed sharply by USD 20 to USD 2,356 per ounce. When converted using Vietcombank’s VND/USD exchange rate, international gold prices equate to VND 72.5 million per tael. However, when using the USD exchange rate in the open market, the international gold price corresponds to VND 73.8 million per tael.
After being stuck below the USD 2,350 per ounce mark for over a week, the precious metal witnessed a strong surge, breaking through this threshold. Today’s gold price spike occurred following the release of crucial US employment data, indicating a cooling job market that could pave 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. Concurrently, the US Department of Labor reported an increase in initial jobless claims to 238,000 in the previous week, up from 233,000 in the week before that.
Market sentiment has shifted considerably, 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. There is a 66.5% chance of a 0.25% reduction.
Additionally, a weaker US dollar contributed to the recovery in gold prices, with the dollar index dropping by 0.35% to 105.34 points.
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.
