SJC gold prices surge, 9999 gold rings approach VND78 million

The world gold price sharply rose, causing domestic gold prices to climb by VND700,000 to VND750,000 per tael on the morning of May 18. Specifically, SJC gold soared to VND90.5 million per tael.

Around 9 a.m. on May 18 in Ho Chi Minh City, SJC Company raised its buying price by VND200,000 per tael and selling price by VND400,000 per tael compared to the previous day to purchase gold at VND87.7 million and sell it at VND90.4 million. Mi Hong Gold Shop also increased its buying price by VND400,000 per tael and selling price by VND700,000 per tael to trade at VND88.8 million for buying and VND90.5 million for selling.

At the same time, in Hanoi, Doji Group listed prices at VND87.7 million for buying and VND89.8 million for selling, marking an increase of VND300,000 for both buying and selling rates compared to yesterday.

The price of 9999 gold rings also soared this morning, with all businesses adjusting prices to surpass VND77 million per tael. The highest price for gold rings in the market gradually reached VND78 million per tael.

Specifically, Doji Group traded at VND76.15 million for buying and VND77.75 million for selling, up VND650,000 in the buying rate and VND750,000 in the selling rate compared to the previous day. SJC Company listed prices at VND75.6 million for buying and VND77.2 million for selling, up VND350,000 in both buying and selling rates.

On the global gold market, the weekend's closing price settled at US$2,414.7 an ounce, an increase of $39 an ounce compared to the previous session. This price equates to approximately VND74 million per tael. Currently, world gold prices are approximately VND16.5 million per tael lower than SJC gold and about VND3.2-3.75 million per tael lower than 9999 gold rings.

The world gold price recorded its third consecutive weekly increase, driven by recent US inflation data suggesting potential interest rate cuts later this year by the US Federal Reserve (FED). The combination of stable inflation and weak economic indicators, such as actual retail sales, positively support gold. Lower interest rates enhance the appeal of gold as it is an interest-free asset.

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