In a notable surge, SJC gold prices witnessed a substantial increase of 500 thousand VND per tael for both buying and selling, settling at 83.3-85.8 million VND per tael.
Gold ring prices also underwent adjustments. Specifically, SJC Company raised their prices by approximately 200 thousand VND per tael, landing at 82.7-84.7 million VND per tael. DOJI Group followed suit, increasing their rates to 83.6-84.7 million VND per tael, reflecting a rise of 100-200 thousand VND compared to the previous day.
Similarly, Bao Tin Minh Chau currently quotes smooth gold ring prices at 83.58-84.68 million VND per tael, while PNJ applies a range of 83.6-84.7 million VND per tael.
In the international market, spot gold prices hover around $2,656 per ounce, marking a $30 increase from yesterday’s morning session. While the precious metal has shown signs of recovery, it still lags significantly behind the $2,700 per ounce mark, failing to reclaim its opening price for this week.
Last week, gold prices soared by 5.98%, the most substantial weekly increase this year. However, James Stanley, Senior Market Strategist at Forex.com, cautions that this upward momentum may face challenges towards the month’s end. Geopolitical factors, particularly the Russia-Ukraine tensions, have fueled gold demand. Yet, as we enter this week, gold prices undergo notable adjustments, with crucial support and resistance levels at 2,617-2,621 and 2,660-2,666, respectively. Stanley predicts that gold’s nine-month-long upward trend may come to a close unless significant events unfold in the next few days, especially with the upcoming Thanksgiving holiday in the US.
