At around 9:15 a.m. on February 15, in Ho Chi Minh City, Doji Group listed the SJC gold price at VND76.35 million per tael for buying and VND78.05 million per tael for selling, marking a decrease of VND200,000 in the buying rate and VND800,000 in the selling rate compared to the previous session.
At the same time, in Hanoi, Bao Tin Minh Chau Company traded SJC gold at VND76.45 million per tael for buying and VND78.05 million per tael for selling, marking a decrease of VND250,000 for buying and VND800,000 for selling compared to the previous day.
Not only did SJC gold see a significant decline, but the price of 9999 gold rings also dropped sharply this morning. Specifically, Doji Group listed it at VND63.9 million per tael for buying and VND64.95 million per tael for selling, down by VND200,000 for buying and VND600,000 for selling compared to the previous day. Bao Tin Minh Chau Company also reduced its prices by VND130,000 for both buying and selling rates, now at VND64.63 million per tael for buying and VND65.73 million per tael for selling.
On the global gold market, the spot gold price on the Kitco exchange dropped to $1,993.35 an ounce on the morning of February 15 (Vietnam time). When converted at the exchange rate offered by Vietcombank, this price equates to approximately VND59 million per tael, which is lower than SJC gold by about VND19 million tael and lower than 9999 gold by about VND6 million per tael.
Gold prices plunged after the US reported a higher-than-expected inflation index, causing the US dollar to surge and bond yields to rise. Specifically, the US dollar index - measuring the US dollar's fluctuations against a basket of six major currencies - increased to 104.8 points from its previous level of 103.5 points.
The 10-year Treasury bond yield rose to 4.27 percent, and the 2-year Treasury bond yield increased to over 4.6 percent. Nevertheless, global analysts believe that higher-than-expected inflation has led to a strong rebound in the US dollar, exerting significant pressure on gold.
However, the outlook for gold remains optimistic in 2024 after the US Federal Reserve reversed its monetary policy. World gold prices may reach new highs.
