Gold prices in Vietnam witnessed some fluctuations today, with SJC gold rings listed at VND 74.35-76.05 million/tael, marking a VND 50,000/tael increase from yesterday. PNJ, on the other hand, decreased by VND 100,000/tael, now trading at VND 74.3-75.9 million/tael.
Contrarily, Bao Tin Minh Chau and DOJI both increased their prices by VND 100,000/tael, with the former trading at VND 75.22-76.52 million/tael and the latter at VND 75.25-76.5 million/tael.
SJC gold prices remained unchanged at VND 75 million/tael for buyers and VND 77 million/tael for sellers. This stagnant price has persisted since June 6, marking 35 consecutive days without alteration.
In the international market, gold prices stabilized between $2,360 and $2,370 per ounce after two volatile sessions. As of 9:15 a.m. on July 10, Vietnam time, the spot gold price was $2,368 per ounce, equivalent to approximately VND 72.5 million per tael when converted at the current VND/USD exchange rate.
Gold prices rebounded slightly following statements made by Jerome Powell, Chairman of the Federal Reserve (Fed), who cautioned about the risks associated with maintaining high-interest rates for an extended period.
During his testimony before Congress on July 9, Powell acknowledged that keeping interest rates high for too long could hinder economic growth. He stated, “Tightening too much, too quickly could risk undermining the economic expansion we are seeking to sustain. More positive data would bolster our confidence that inflation is moving down to 2%.”
This statement prompted analysts to predict the possibility of two interest rate cuts by the FED later this year. Additionally, gold benefited from a weakening USD towards the end of last week due to disappointing economic data, including a slowdown in the US job market, which heightened expectations of an interest rate cut by the Federal Reserve in September.
According to the US Bureau of Labor Statistics, the US economy added 206,000 jobs in June, exceeding expectations. However, the unemployment rate rose to 4.1% from 4.0% in May.
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.
