Around 10 a.m., SJC raised the price of 9999 gold rings by VND200,000 for buying and selling rates, bringing the buying price to VND78.9 million per tael and the selling price to VND80.2 million per tael. PNJ also increased its prices by VND200,000 to buy plain gold rings at VND79.5 million per tael and sell them at VND80.55 million per tael. As a result, the price of plain gold rings continued to exceed the previous day's record of VND80.23 million per tael, reaching VND80.55 million.
In contrast, the price of SJC gold bars remained unchanged this morning, with SJC, PNJ, and Doji Group listing the buying price at VND80 million per tael and the selling price at VND82 million, the same as yesterday.
On the global market, gold prices closed at US$2,621.4 an ounce in New York, up $36.3 from the previous session. The price on the Kitco exchange on September 21 (Vietnam time) rose to $2,622.23 an ounce, marking the highest level ever recorded for gold. After conversion, this price is equivalent to VND78.4 million per tael, about VND3.6 million lower than SJC gold and approximately VND2.15 million lower than 9999 gold rings.
The recent 0.5 percent interest rate cut by the US Federal Reserve on Wednesday has significantly boosted gold prices, as this precious metal does not yield interest, benefiting from a lower interest rate environment.
According to data from the FedWatch Tool on the CME exchange, futures traders are betting 100 percent on the Fed lowering interest rates at both upcoming policy meetings in November and December. Additionally, global investors are actively purchasing gold this year as a hedge against prolonged geopolitical risks in the Middle East and elsewhere. The trend of central banks buying gold to diversify their foreign exchange reserves away from the US dollar has also contributed significantly to the rise in gold prices.
