The gap between SJC gold and the global market is still at over VND18 million per tael.
Around 8:45 a.m. on May 10, in Ho Chi Minh City, SJC Company listed buying at VND88.2 million per tael and selling at VND90.5 million per tael, marking an increase of VND1 million in both buying and selling compared to the previous day. Mi Hong gold shop also raised its prices by VND300,000 for buying and VND600,000 for selling compared to the previous day, reaching VND88 million per tael for buying and VND89.5 million per tael for selling.
At the same time, in Hanoi, PNJ Company raised prices by VND400,000 in both buying and selling rates compared to yesterday to purchase gold at VND87.2 million per tael and sell it at VND90.5 million per tael.
The price of 9999 gold rings also surged this morning. SJC Company traded at VND74.3 million per tael for buying and VND76 million per tael for selling, up VND800,000 in the buying and selling rates compared to yesterday. PNJ Company also increased by VND700,000 in the buying and selling rates, listing prices at VND74.2 million per tael for buying and VND76 million per tael for selling.
In the global gold market, the spot gold price on the Kitco exchange this morning of May 10 (Vietnam time) stood at US$2,350.5 an ounce, an increase of approximately $40 an ounce compared to yesterday. This price level, after conversion, is equivalent to VND72.15 million per tael, which is lower than SJC gold by about VND18.35 million per tael and lower than 9999 gold rings by about VND3.9 million per tael.
The global gold price saw a robust recovery amid the depreciation of the US dollar following newly released economic data indicating signs of weakness in the US labor market. Specifically, initial unemployment claims rose by 22,000 in the previous week to 231,000, marking the highest level since late August 2023.
Additionally, the decisions by several major central banks to reduce interest rates or signal a greater readiness to cut interest rates further in the future have also positively influenced the price of gold. Lower interest rates diminish the opportunity cost of holding gold, a non-yielding asset, making this precious metal more appealing.
