Gold approaches VND69 million per tael

The price of gold in Vietnam has seen an almost VND500,000 per tael increase compared to yesterday, driven by a rebound in the global gold price.

As of approximately 3:00 p.m. on September 8 in Ho Chi Minh City, PNJ Company is offering a buying price of VND68.2 million per tael and a selling price of VND68.95 million per tael, up VND300,000 for buying and VND450,000 for selling.

Simultaneously, in Hanoi, PNJ quoted a similar price increase for SJC gold, as seen in HCMC. Meanwhile, SJC Company kept its buying price unchanged and raised the selling price by VND100,000 per tael, resulting in trading gold at VND68.05 million per tael for buying and VND68.77 million per tael for selling. Gold trading enterprises report that there has been an uptick in gold buying demand, albeit not a significant one.

In the global gold market, the gold price in New York on the night of September 7 increased by US$2.9 to reach $1,919.3 an ounce. The spot gold price on the Kitco exchange on the afternoon of September 8 (Vietnam time) continued its upward trend, reaching $1,923.5 an ounce. After conversion, this price is equivalent to nearly VND55.3 million per tael, which is nearly VND13.7 million per tael lower than the SJC gold price.

According to experts, the global gold price rebounded due to the drop in US Treasury bond yields. However, global gold prices have not been able to break out yet, as the US dollar continues to appreciate, driven by expectations that the US Federal Reserve (Fed) will maintain higher interest rates for an extended period.

Experts attribute the rise in the domestic SJC gold price to several factors. One contributing factor is the shift in cash flow from savings into gold purchases due to declining interest rates. Additionally, the scarcity of SJC gold supply means that even a slight increase in purchasing power, rather than sudden demand, can significantly drive up gold prices, potentially pushing them even higher.

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