Around 9 a.m. in Ho Chi Minh City, Saigon Jewelry Company increased its buying price by VND900,000 per tael and its selling price by VND200,000 per tael compared to last weekend to buy SJC gold at VND88.6 million per tael and sold it at VND90.6 million per tael. Mi Hong Gold Shop also raised its buying price by VND500,000 per tael and its selling price by VND200,000 per tael to list at VND89.2 million per tael for buying and at VND90.4 million per tael for selling.
At the same time, in Hanoi, PNJ Company listed its buying price at VND88.5 million per tael and its selling price at VND90.5 million per tael, up by VND800,000 per tael for buying and VND300,000 per tael for selling compared to the previous weekend. Doji Group also raised its buying price by VND700,000 per tael and its selling price by VND100,000 per tael, with transactions at VND88.4 million per tael for buying and VND89.9 million per tael for selling.
The price of 9999 gold rings also climbed at the beginning of the week. Doji Group traded at VND76.15 million per tael for buying and VND77.8 million per tael for selling, up by VND350,000 per tael for buying and VND400,000 per tael for selling compared to last weekend. Saigon Jewelry Company listed its prices at VND75.7 million per tael for buying and VND77.4 million per tael for selling, up by VND100,000 per tael in the buying rate and VND200,000 per tael in the selling rate.
On the global gold market, the spot gold price on the Kitco exchange stood at US$2,432.84 an ounce on the morning of May 20 (Vietnam time), an increase of $18 compared to the closing price of last weekend. After conversion, this price level is equal to approximately VND74.6 million per tael. Presently, the world gold price is approximately VND16 million per tael lower than SJC gold and approximately VND2.8-3.2 million per tael lower than 9999 gold rings.
The global gold price continues its upward trend, surpassing $2,400 an ounce as the market increasingly anticipates the US Federal Reserve (FED) to cut interest rates, with a low probability of rate hikes. Especially, recent comments by FED Chairman Jerome Powell suggest that the central bank may not need to continue raising interest rates. The latest weekly gold survey results from Kitco News show that the majority of experts believe gold prices can reach or surpass all-time highs amid the declining trend of the US dollar and bond yields. Experts predict that gold overcoming the resistance level of $2,400 an ounce will be the premise for this precious metal to reach $2,500 an ounce.
