Domestic gold rises in tandem with global prices on February 21

Domestic gold prices continued their upward momentum on the morning of February 21, in line with the global trend. SJC gold, in particular, surged to VND79 million per tael.

Customers buy gold at a PNJ's store.

By around 9 a.m. in Ho Chi Minh City, Doji Group listed SJC gold at VND76.15 million per tael for buying and VND78.35 million per tael for selling, marking a VND30,000 increase for buying and a VND200,000 increase for selling compared to the previous day.

At the same time, in Hanoi, SJC Company also raised its buying price by VND300,000 and its selling price by VND200,000, reaching VND76.2 million per tael in the buying rate and VND78.42 million per tael in the selling rate.

The price of 9999 gold rings continued to climb this morning. Specifically, SJC Company maintained transactions at VND63.3 million per tael for buying and VND64.5 million per tael for selling, with a VND100,000 increase for buying, while selling prices remained unchanged from yesterday's close.

Additionally, Mi Hong Gold Shop in Binh Thanh District, Ho Chi Minh City, listed prices at VND62.7 million per tael for buying and VND63.7 million per tael for selling, reflecting a VND100,000 increase for both buying and selling.

In the global gold market, the spot price of gold on the Kitco exchange surged to US$2,025.8 an ounce on the morning of February 21 (Vietnam time), marking a nearly $5 increase compared to yesterday afternoon. After conversion using the exchange rate from Vietcombank, this price equates to approximately VND60.2 million per tael, which is lower than SJC gold by about VND18.2 million per tael and lower than 9999 gold by about VND4.3 million per tael.

In recent days, the global gold market has staged a robust recovery from its two-month low. Experts predict that gold will trade within the range of $2,000 – $2,050 throughout 2024. Escalating geopolitical tensions in the Middle East, as well as between Russia and Ukraine, have bolstered gold prices in recent times.

However, the upward trajectory of this precious metal has been largely impeded by the anticipation of higher long-term interest rates in the US. High interest rates are viewed as a negative signal for non-yielding assets like gold, as they elevate the opportunity cost of investing in this metal.

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