Gold prices witnessed a downward trend today, with notable decreases observed across several major jewelry companies in the market. SJC Company led the way with a significant drop of 200 thousand VND per tael, now quoting their gold rings at 75.9-77.4 million VND per tael. Following suit, DOJI Group reduced their rates by approximately 500 thousand VND per tael, settling at 76.1-77.35 million VND per tael.
Tinh Minh Chau and PNJ, two prominent names in the industry, also made adjustments to their rates. While Tinh Minh Chau maintained parity with DOJI’s figures, quoting their gold rings at 76.08-77.38 million VND per tael, PNJ trailed closely behind with a slight reduction of 400 thousand VND per tael, resulting in rates of 76.0-77.39 million VND per tael.
Amidst these fluctuations, SJC gold prices remained steadfast, holding steady from yesterday’s rates at 78.5 million VND per tael for buyers and 80 million VND per tael for sellers.
Contrasting the local scenario, international gold prices took a breather from their upward trajectory, retreating by 50 USD per ounce to settle at 2,422 USD per ounce. When converted using Vietcombank’s exchange rate, international gold prices currently equate to approximately 74.5 million VND per tael, excluding taxes and fees.
This slight dip can be attributed to investors seizing profit-taking opportunities after gold touched record highs on July 18. The prospect of an early and more frequent Fed rate cut played a pivotal role in boosting gold’s appeal. Additionally, President Donald Trump’s endorsement of lower interest rates and tariffs further fueled investment demand for the precious metal. During a meeting with House Republicans, Trump expressed his support for tax cuts and lower interest rates, policies that could potentially weaken the US dollar and drive investors towards gold.
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.
