Around 4:30 p.m., in Ho Chi Minh City, PNJ Company listed SJC gold at VND80.1 million per tael for buying and VND82.4 million per tael for selling, down VND100,000 in the buying rate but up VND200,000 in the selling rate compared to the morning.
At the same time, in Hanoi, SJC Company increased by an additional VND200,000 for both buying and selling rates compared to this morning, reaching VND80.5 million per tael for purchases and VND82.52 million per tael for sales, surpassing the morning's peak and setting a new high.
Meanwhile, 9999 gold rings at Bao Tin Minh Chau Company - known for its recent strong gold price increases and the highest trading volume of 9999 gold rings in the market - experienced a decrease compared to the peak price. Specifically, the price of 9999 gold rings at this company was traded at VND69.78 million per tael for buying and VND71.08 million per tael for selling, a decrease of VND300,000 for both buying and selling rates compared to this morning.
The price of 9999 gold rings at other companies like PNJ and SJC continued to climb. Specifically, SJC maintained the buying price but increased the selling price by VND50,000 compared to this morning, reaching VND68.9 million per tael for purchases and VND70.15 million per tael for sales.
PNJ Company also raised both the buying and selling prices by VND150,000 and VND200,000, respectively, compared to this morning, hitting VND68.95 million per tael for buying and VND70.25 million per tael for selling. These are the highest prices for 9999 gold rings offered by these two companies to date, but they still remain lower than the price of 9999 gold rings from Bao Tin Minh Chau Company by nearly VND1 million per tael.
In the global gold market, the spot gold price on the Kitco exchange in the afternoon of March 12 (Vietnam time) was trading at US$2,178.2 an ounce, down by $4 an ounce compared to this morning. This price equates to approximately VND65 million per tael when converted, which is lower than SJC gold by about VND17.5 million per tael and lower than the price of 9999 gold rings by about VND4.8 - 5.7 million per tael.
The world gold price has hit an all-time high on expectations that the Federal Reserve (FED) will reduce interest rates. The market is now awaiting US inflation data to gain a clearer insight into the FED's interest rate trajectory. Nonetheless, experts suggest that in the long term, the central banks' vigorous gold buying will catalyze the precious metal's price surge this year.
