The buying price increased by VND800,000, and the selling price rose by VND300,000 compared to the previous day, bringing prices to VND84.5 million per tael for buying and VND86.5 million per tael for selling.
The selling price of SJC gold at four State-owned commercial banks (Agribank, BIDV, Vietcombank, and Vietinbank) also climbed by VND300,000, reaching VND86.5 million per tael.
Meanwhile, the price of 9999 gold rings continued to rise this morning, gaining nearly VND1 million per tael. SJC increased the buying price by VND900,000 and the selling price by VND400,000 compared to yesterday, with prices now at VND84.5 million per tael for buying and VND86 million per tael for selling.
Phu Quy Group also adjusted its prices upward by VND200,000 for both buying and selling rates, listing them at VND84.7 million per tael for buying and VND86.2 million per tael for selling.
PNJ Company listed 9999 gold ring prices at VND84.8 million per tael for buying and VND85.8 million per tael for selling, an increase of VND200,000 in both buying and selling prices.
On the global gold market, prices closed at US$2,668.7 an ounce in New York on the night of November 21, rising $19.1 from the previous session. Spot gold on the Kitco exchange continued to climb on the morning of November 22, reaching $2,679.35 an ounce, an increase of about $10 compared to the New York close. When converted, this price is equivalent to VND82.3 million per tael, which is VND4.2 million lower than SJC gold and VND3.9 million below the price of 9999 gold rings.
Global gold prices have surged for the fourth consecutive session amid escalating tensions in the Russia-Ukraine war. After dipping below the $2,600-mark last week, gold is steadily approaching the critical $2,700 an ounce level. So far this week, spot gold has gained 4 percent, set to mark its strongest weekly increase since April. This comes after last week’s performance, which saw the sharpest weekly decline in global gold prices in more than three years.
Analysts attribute this upward momentum to heightened concerns over the Russia-Ukraine conflict, which has bolstered gold’s appeal as a safe haven. This recovery follows significant selling pressure on the precious metal after the US elections. Jim Wyckoff, senior analyst at Kitco Metals, predicts that gold speculators are now targeting levels above $2,700 an ounce.
In a related development, a Reuters survey revealed that most economists expect the US Federal Reserve (FED) to lower interest rates at its December meeting, though they anticipate slower rate reductions in 2025. Data from the CME FedWatch Tool shows traders pricing in a 56 percent probability of a rate cut at the upcoming meeting, down sharply from over 80 percent a week ago.
