However, SJC gold only experienced a moderate increase because the State Bank of Vietnam planned to auction gold this week to boost supply to the market. Currently, the domestic gold price is VND11.7 million per tael higher than international prices compared to the end of 2023, when it was around VND18-20 million per tael.
Around 9 a.m. on April 16 in Ho Chi Minh City, SJC Gold Company traded gold at VND82.3 million per tael for buying and VND84.3 million per tael for selling, marking a VND200,000 increase in both buying and selling prices compared to the previous day. Concurrently, in Hanoi, Doji Group saw a VND100,000 increase in both buying and selling prices, with transactions occurring at VND81.9 million per tael for buying and VND84.2 million per tael for selling.
Meanwhile, the price of 9999 gold rings surged significantly this morning. SJC Gold Company bought 9999 gold rings at VND75 million per tael and sold them at VND76.9 million per tael, up VND400,000 in both buying and selling prices compared to yesterday. Similarly, PNJ Company also increased its prices by VND300,000 for buying and VND350,000 for selling, trading at VND75 million per tael for buying and VND76.95 million per tael for selling.
On the global gold market, the spot gold price on the Kitco exchange was US$2,381.58 an ounce on the morning of April 16 (Vietnam time), an increase of approximately $25 an ounce compared to yesterday morning. When converted, this price level equals around VND72.6 million per tael. Currently, the world gold price is approximately VND11.7 million per tael lower than SJC gold and about VND4.4 million per tael lower than the price of 9999 gold rings.
The global gold price has escalated robustly due to heightened political instability, particularly in the Middle East. Despite the appreciation of the US dollar and treasury bond yields following higher-than-expected US inflation data in March, concerns have arisen about the US Federal Reserve (FED) potentially delaying its policy adjustments.
Experts believe the current surge in precious metal prices is largely driven by escalating tensions between Iran and Israel, leading investors to flock to the gold market to safeguard their assets. A Forex expert predicts that gold prices will continue to rise in the near future due to ongoing strong demand for the precious metal.
