Gold Price Soars Past 128 Million VND
On August 24, gold bar prices surged once again, with major companies such as PNJ, SJC, and DOJI listing rates at 125.6 million VND per tael for buyers and 126.6 million VND per tael for sellers, a significant increase of 2.1 million VND from the previous week.
Some smaller shops even quoted record-high prices, buying at 127.3 million VND per tael and selling at 128.1 million VND per tael, surpassing rates at larger chains by about 1.5 million VND. This marks the fourth consecutive week of rising gold bar prices, reaching unprecedented levels.
Concurrently, gold rings and 99.99% gold jewelry also witnessed an upward trend, listed around 118.5 million VND per tael for buyers and 121 million VND per tael for sellers, an increase of nearly 2 million VND compared to the previous week. The gap between SJC gold bars and gold rings has widened to over 5 million VND per tael.
SJC gold bar prices continue to climb
Many were surprised by the relentless upward momentum of gold bar prices last week. Analysts attributed this surge to limited supply, as gold holders showed no intention to sell, and buyers anticipated further price increases. The buy-sell spread at major companies has narrowed to approximately 1 million VND per tael, lower than the typical 2-3 million VND spread previously observed.
Gold Price Forecast: Upward Trend Expected
In the international market, gold prices ended the week at 3,373 USD per ounce, a nearly 40 USD increase from the previous week. Investors anticipate a boost for the precious metal as the Federal Reserve signals a potential interest rate cut in September amid slowing US economic growth and inflationary concerns.
Speaking to Kitco, Naeem Aslam, Chief Investment Strategist at Zaye Capital Markets, interpreted the Fed Chairman’s statement as dovish, contributing to gold’s rebound this week. The metal is expected to extend its gains in the coming week.
Similarly, Ole Hansen, Head of Commodity Strategy at Saxo Bank, predicted that in the short term, gold prices need to surpass 3,450 USD per ounce before investors consider the April high of over 3,500 USD per ounce.
A Kitco survey revealed that most experts and investors forecast a continued upward trajectory for gold prices next week. At current exchange rates, international gold prices translate to approximately 107.7 million VND per tael, significantly lower than gold jewelry by nearly 13.3 million VND and SJC gold bars by almost 19 million VND per tael.
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The Golden Peak: A Market Analysis of Soaring Gold Prices and Exchange Rates
This morning, domestic gold prices surged to a new peak. The USD exchange rate cooled off as the State Bank intervened.
Is the Sky-High Price of SJC Gold Bars Worth the Investment?
The SJC gold bar price continues to soar, reaching a historic peak of over 125 million VND per tael, an impressive 18 million VND above global prices.
The Golden Rush: Gold Prices Surge to Record Highs
The gold market witnessed a significant surge this morning, with trading prices officially reaching a staggering 125.4 million dong per tael.
The Golden Opportunity: SJC Gold Soars to New Heights with a Whopping 40 Million Dong Increase Since the Start of the Year
As of August 18th, the price of SJC gold bars remained high at over 124 million VND per tael. Since the beginning of the year, the price of this commodity has surged by nearly 40 million VND per tael, representing a staggering almost 50% increase in just over eight months.
The Price of Gold Drops: A Missed Opportunity for Many
The gold trading price this morning of August 12th took an unexpected turn as the 99.99 gold ring witnessed a sharper decline compared to the SJC gold bar, following the downward trend of global gold prices.
