At 9:30 am on August 28th, SJC gold bars were priced by SJC Company at VND 79 million per tael for buying and VND 81 million per tael for selling, stable compared to the previous day.
Meanwhile, the prices of 24K gold rings and jewelry traded by SJC and PNJ fluctuated around VND 77.4 million per tael for buying and VND 78.65 million per tael for selling, an increase of VND 100,000 per tael compared to the previous day. The price of gold rings has been continuously increasing since the beginning of the week, following the upward trend of global gold prices, although the fluctuation pace is slower.
This is also the highest price for gold rings ever listed by SJC and PNJ, far surpassing the peak of VND 77.5 million per tael set in May this year.
The surge in domestic gold ring prices occurs amidst global gold prices hovering at peak levels and are even expected to climb further towards new highs.
As of 9:30 am Vietnam time, the trading price of gold in the international market was USD 2,515 per ounce, slightly lower than the previous session but still in the highest range ever.
Gold prices remain at peak levels as investors are almost certain that the US Federal Reserve (Fed) will initiate an interest rate cut cycle in September. The current discussion revolves around whether the initial reduction will be by 0.25 or 0.5 percentage points.
The US Dollar Index (DXY) witnessed a mild recovery this morning, climbing to 100.5 points but still lingering at its lowest level since the end of last year.
At present, the global gold price converted based on the listed exchange rate is approximately VND 75.8 million per tael.
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.