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The global gold price has reached its highest level since May 2023, causing domestic gold prices to continue galloping.
As of 8:45 a.m. in Ho Chi Minh City, PNJ Company quoted SJC gold at VND73.1 million (US$3,017.41) per tael for purchasing and VND74.3 million per tael for selling, up VND500,000 for buying and VND700,000 for selling compared to the previous afternoon's closing.
Simultaneously, in Hanoi, SJC Company also increased prices to VND73.2 million per tael for buying and VND74.42 million ($3,074.66) per tael for selling, marking a rise of VND700,000 for buying and VND900,000 for selling.
The Phu Quy Group also adjusted SJC gold prices to VND73 million per tael for buying and VND74.2 million per tael for selling, an increase of VND350,000 for buying and VND700,000 for selling.
Thus, SJC gold has officially surpassed the previously established historical peak of VND74.4 million per tael, set in March 2023, and has now reached a new peak at VND74.42 million per tael.
Not only SJC gold but 9999 gold rings have also reached a new peak as gold trading enterprises raised prices by an additional VND500,000 per tael. Specifically, SJC Company is trading at VND61.15 million per tael for buying and VND62.25 million per tael for selling, up VND450,000 for both buying and selling rates. Similarly, PNJ Company has set prices at VND61.1 million per tael for purchases and VND62.2 million per tael for sales, reflecting a rise of VND500,000 in the buying rate and VND400,000 in the selling rate.
In the global gold market, the closing price for gold in New York on the night of November 28 soared sharply, reaching $2,040.5 an ounce, up by nearly $27 compared to the previous session. The gold price for immediate delivery on the Kitco exchange on the morning of November 29 (Vietnam time) continued to climb to $2,047.9 an ounce. When converted, this price is approximately equivalent to nearly VND60.3 million per tael, lower than SJC gold by VND14.2 million per tael and 9999 gold rings by VND1.95 million per tael.
The global gold price has reached its highest point in the last six months and is poised to continue its upward trajectory amidst the weakening US dollar. The USD Index (DXY), which gauges the US dollar's fluctuations against six major currencies, including EUR, JPY, GBP, CAD, SEK, and CHF, has declined to 102.73.
Analysts suggest that the gold price is likely to keep rising due to the weakening US dollar and the heightened gold consumption during the year-end peak, particularly with substantial increases in demand from China and India. Moreover, the gold-buying demands from central banks worldwide serve as a supportive factor, propelling gold prices upwards. Statistics from reputable organizations indicate that as of the third quarter of 2023, central banks across the globe had purchased approximately 800 tons of gold, and this figure could surpass 1,000 tons by the end of 2023.
