Around 9:30 a.m., SJC gold bars were listed by SJC, PNJ, and Doji Group at an increase of VND1 million per tael for buying and selling rates compared to the previous day, priced at VND84 million per tael for buying and VND86 million for selling.
The selling price of SJC gold at the four State-owned commercial banks (Agribank, BIDV, Vietcombank, and Vietinbank) also rose to VND86 million per tael, marking a VND1 million increase.
Not only SJC gold bars but 9999 gold rings were also adjusted upwards by various enterprises. Bao Tin Minh Chau listed prices at VND83.18 million per tael for buying and VND84.08 million for selling, up VND250,000 in the buying and selling rates compared to the previous day. PNJ reported prices at VND83 million per tael for buying and VND84 million for selling, an increase of VND200,000 per tael. SJC traded 9999 gold rings at VND82.3 million per tael for buying and VND83.7 million for selling, up VND500,000 per tael.
As a result, 9999 gold rings have officially surpassed VND84 million per tael, setting a new all-time high.
On the global gold market, gold prices closed at US$2,661.9 an ounce in New York on the night of October 15, up $13.2 from the previous session. The spot gold price on Kitco rose to $2,667.2 an ounce on the morning of October 16 (Vietnam time). After conversion, this price is equivalent to VND80.8 million per tael, about VND5.2 million lower than SJC gold and VND3.4 million lower than 9999 gold rings.
The global gold market has rebounded as investors bet that the US Federal Reserve is likely to lower interest rates in its upcoming meeting. According to the CME FedWatch tool, 90 percent of traders believe there is a 90 percent chance the Fed will cut rates by 25 basis points in November 2024. The market is currently focused on data on retail sales, industrial production, and weekly unemployment claims in the US, scheduled to release this week to guide trading.
