Around 10:30 a.m. on April 18 in Ho Chi Minh City, Mi Hong gold shop traded SJC gold at VND81.9 million per tael for buying and VND83.2 million per tael for selling, down VND400,000 in the buying and selling rates compared to yesterday. Simultaneously, in Hanoi, Bao Tin Minh Chau Company also reduced prices by VND350,000 for buying and VND300,000 for selling to purchase gold at VND81.75 million per tael and sold it at VND83.65 million per tael.
Meanwhile, major gold trading companies like PNJ, SJC, and Doji kept their prices unchanged from the previous day. Specifically, SJC Company listed the buying price at VND82.1 million per tael and the selling price at VND84.1 million per tael. Doji listed the buying price at VND82 million per tael and the selling price at VND84 million per tael. PNJ listed the buying price at VND82.1 million per tael and the selling price at VND84.1 million per tael.
The price of 9999 gold rings also experienced a decrease. At Mi Hong Gold Shop, 9999 gold rings were traded at VND73 million per tael for buying and VND74.5 million per tael for selling, marking a decrease of VND300,000 for both buying and selling rates compared to the previous day. Similarly, Bao Tin Minh Chau Company also lowered prices by VND140,000 in the buying and selling rates, quoting them at VND74.03 million per tael for buying and VND76.73 million per tael for selling.
In the global gold market, spot gold prices on the Kitco exchange stood at US$2,373.3 an ounce on the morning of April 18 (Vietnam time), down approximately $15 an ounce from the previous day. This price equals about VND72.5 million per tael. Currently, the world gold price is approximately VND11.2-11.6 million per tael lower than SJC gold. However, the price of 9999 gold rings is approximately VND4.2 million per tael higher than the world gold price.
Since the beginning of 2024, the world gold price has increased by 16.5 percent. Experts attribute recent fluctuations in gold prices largely to escalating geopolitical tensions in the Middle East. The market's attention has shifted away from speculation about the timing of policy reversal by the US Federal Reserve (FED). However, it appears unlikely that the FED will implement interest rate cuts soon, which poses a disadvantage for gold prices.
Global banks are expressing considerable optimism about gold prices in the coming time. Deutsche Bank forecasts gold prices to reach $2,400 an ounce by year-end, while Citi Bank anticipates a $3,000 an ounce target within the next 6-18 months.
