SJC gold has reached an all-time high, surpassing VND93 million per tael. With the market experiencing strong volatility, businesses have widened the gap between buying and selling prices to nearly VND4 million per tael, shifting more risk onto buyers.
Domestic gold prices have been continuously adjusted upward since early morning. By around 10 a.m., Bao Tin Minh Chau listed SJC gold bars at VND90.1 million per tael for buying and VND93.1 million per tael for selling, up VND1.8 million per tael in both directions compared to the previous day.
PNJ, SJC, and Phu Quy Group raised prices by VND1 million per tael in both directions, listing at VND89.3 million per tael for buying and VND92.3 million per tael for selling.
SJC gold bars have now surpassed the previous record high of VND92.4 million per tael set in May 2024, reaching a new peak of VND93.1 million per tael.
The price of 9999 gold rings has also climbed to a record high, approaching SJC gold bar prices. Bao Tin Minh Chau raised its buying price by VND250,000 per tael but increased its selling price by VND1.8 million per tael, listing at VND89.1 million per tael for buying and VND93.05 million per tael for selling, just VND50,000 per tael below SJC gold bars.
SJC raised prices by VND1 million per tael in both buying and selling rates, quoting VND89 million per tael for buying and VND91.7 million per tael for selling.
PNJ increased its buying price by VND1.2 million per tael and its selling price by VND600,000 per tael, trading at VND89.5 million per tael for buying and VND91.7 million per tael for selling.
Phu Quy Group raised its buying price by VND600,000 per tael and its selling price by VND500,000 per tael, quoting VND89 million per tael for buying and VND91.7 million per tael for selling.
On the global gold market, prices closed at $2,907.3 an ounce in New York on the night of February 10, up $47.2 from the previous session. On the morning of February 11 (Vietnam time), spot gold on the Kitco exchange continued to rise to $2,915.1 an ounce. After conversion, this price is equivalent to VND89.9 million per tael, which is VND2.4-3.4 million per tael lower than SJC gold and 9999 gold rings.
Despite the US dollar and Treasury yields rising simultaneously, global gold prices have continued their upward momentum, repeatedly setting new record highs.
According to experts at UOB, industry reports indicate a growing volume of physical gold being shipped from London, Europe, and various parts of Asia to New York. This trend suggests a significant rise in US demand for physical gold amid escalating trade conflicts between the US and major partners.
UOB analysts stated that safe-haven demand for gold was increasing, driven not only by central banks looking to boost reserves but also by individual investors worldwide. They emphasized that this growing demand was helping gold withstand downward pressure from the strengthening US dollar.
According to them, after a strong rally last year, gold prices had continued to rise in the current year, moving from $2,650 an ounce in early January to a new record above $2,900 an ounce. They noted that the latest signs of increasing safe-haven demand further reinforced their positive outlook and maintained their forecast that gold would reach $3,000 an ounce by the end of 2025.
