At present, SJC gold is nearly VND19.6 million per tael higher than the global gold price.
As of 11:15 a.m. in Ho Chi Minh City, Mi Hong Gold Store in Binh Thanh District quoted SJC gold prices at VND78.9 million per tael for purchases and VND80 million per tael for sales. This marks an increase of VND1.6 million in both buying and selling rates compared to the closing prices in the previous day. At the same time, in Hanoi, Saigon Jewelry Company listed SJC gold at VND79 million per tael for buying and VND80.22 million per tael for selling, up VND1.6 million in the buying rate and VND1.8 million in the selling rate.
Gold trading businesses adjusted the prices of 9999 gold rings by VND300,000-VND500,000 compared to this morning. Specifically, SJC Company set the buying price for 9999 gold rings at VND62.55 million per tael and the selling price at VND63.6 million per tael, indicating an increase of VND300,000 in both buying and selling prices. Likewise, Bao Tin Minh Chau Company bought 9999 gold rings at VND63.3 million per tael and sold them at VND64.28 million per tael, up VND600,000 in both buying and selling rates.
In the global gold market, at 11:15 a.m. (Vietnam time), spot gold on the Kitco exchange was trading at US$2,064 an ounce, marking an increase of more than $8 an ounce compared to the previous session. When converted at the USD/VND exchange rate at Vietcombank this morning, this price translates to approximately VND60.65 million per tael. It is lower than the domestic SJC gold price by approximately VND19.6 million per tael and also lower than 9999 gold by VND3.65 million per tael.
As we approach the end of 2023, the gold market is experiencing a significant surge in prices. Despite this, experts predict that the upward trend for gold will continue in the near future. Apart from the decelerating growth of the price index, a factor prioritized by the US Federal Reserve (FED) that raises the likelihood of an interest rate reduction in early 2024, gold prices receive additional support from the heightened demand for gold by central banks and the rising physical gold demand in Asia towards the year-end, coupled with the progressively weakening US dollar. Consequently, the recent technical breakthrough may propel gold prices to reach $2,100 an ounce.
