Around 10 a.m., in Ho Chi Minh City, Doji Group reduced the price of SJC gold by VND100,000 in both buying and selling rates compared to the previous day, offering it at VND79.65 million per tael for purchases and VND81.65 million per tael for sales.
Simultaneously, in Hanoi, SJC Company bought gold at VND79.7 million per tael and sold it at VND81.72 million per tael for selling, down VND100,000 in both buying and selling rates compared to the previous day.
Meanwhile, 9999 gold rings continued their upward trend this morning, reaching a new peak. Specifically, SJC Company raised the price by an additional VND100,000 in both buying and selling rates compared to yesterday to VND67 million per tael for buying and VND68.25 million per tael for selling, the highest-ever price of gold rings set by this company.
Bao Tin Minh Chau Company purchased 9999 gold rings at VND67.83 million per tael and sold them at VND69.03 million, up VND150,000 in both buying and selling rates compared to the previous day. This price level establishes it as the company with the highest trading price for 9999 gold rings in the current market, setting a new peak for 9999 gold rings.
In the global gold market, the spot gold price on the Kitco exchange reached a new high on the morning of March 8 (Vietnam time), trading at US$2,158.8 an ounce. After conversion, this price equates to nearly VND64.7 million per tael, lower than SJC gold by about VND17.1 million per tael and lower than the price of 9999 gold rings by about VND3.9-4.4 million per tael.
The world gold price hit a new peak following comments from Federal Reserve Chairman Jerome Powell during a congressional hearing, which further reinforced investors' expectations of monetary policy easing in June 2024. During the hearing, Powell suggested that interest rates could be cut this year if the economy does not perform as expected and if there is more evidence of sustained inflation reduction. The Fed Chairman also emphasized that it will not be long before inflation returns to the 2 percent target level.
