Saigon Jewelry Company listed the buying price of SJC gold at VND66.6 million per tael and the selling price at VND67.2 million per tael, increasing both by VND300,000 at around 4:15 p.m. in Ho Chi Minh City.
At the same time, in Hanoi, Phu Quy Company quoted the buying price of SJC gold at VND66.5 million per tael and the selling price at VND67.1 million per tael, up VND150,000 in the buying rate and VND100,000 in the selling rate.
In the global gold market, the gold price in New York closed last week's session down $36.1 per ounce to $2,004 per ounce. The spot gold on the Kitco floor on the afternoon of April 17 is currently trading at $2,009.38 per ounce, up by approximately $5 per ounce compared to the closing price in New York.
After conversion, this price is nearly VND56.5 million per tael, about VND10.7 million per tael lower than the domestic gold price.
Notably, jewelry gold and 9999 gold rings have the same quality as SJC gold but are traded by gold trading companies at around VND55.6 million per tael for buying and VND56.8 million per tael for selling. This price is approximately equal to the world gold price, meaning lower than the price of SJC gold by more than VND10 million per tael.
The world gold price has been strongly affected by the fluctuation of monetary policy expectations of the US Federal Reserve (FED). Last week, gold prices surged to a 13-month high in response to weak US inflation data, which made the market speculate that the FED might halt interest rate hikes at its meeting in early May. However, towards the end of the week, the world gold price sharply fell due to positive economic news and tough statements by the FED regarding interest rates, as this agency believes that inflation remains too high.
Experts predict that gold has support levels around $2,015 and $2,000 an ounce, with resistance at an all-time high of around $2,070 an ounce. However, there is no clear support level if the price of gold drops below $2,000.
