Around 9 a.m. on May 6, in Ho Chi Minh City, SJC Company listed SJC gold at VND83.8 million for buying and VND86 million for selling, marking an increase of VND300,000 for buying and VND100,000 for selling compared to the previous weekend.
Simultaneously, in Hanoi, Doji Group also increased by VND300,000 for buying while maintaining the selling price, trading at VND83.8 million for buying and VND85.7 million for selling.
The price of 9999 gold rings also saw a slight uptick at the start of the week. Specifically, SJC Company bought 9999 gold rings at VND73.15 million and sold them at VND74.85 million, up VND50,000 in both buying and selling rates compared to last weekend. Similarly, Doji Group also raised prices by VND50,000 for both buying and selling, listing at VND73.75 million for buying and VND75.35 million for selling.
In the global gold market, the spot price of gold on the Kitco exchange rose to US$2,307.7 an ounce on the morning of May 6 (Vietnam time), an increase of $6 an ounce over the closing price of last weekend. After conversion, this price equates to approximately VND70.8 million per tael, lower than SJC gold by about VND15.2 million per tael and lower than 9999 gold rings by about VND4.5 million per tael.
Despite a rebound in the global gold price following the Federal Reserve's (FED) decision to maintain interest rates, it has marked its second consecutive week of decline and is currently trading around the $2,300 an ounce level. According to experts, the immediate factors weighing the price of this precious metal are the easing tensions in the Middle East geopolitical landscape.
Furthermore, the market eagerly awaits clearer signals from the FED as the likelihood of interest rate cuts in June appears slim. However, in the long term, the price of gold is expected to continue reaching new highs due to ongoing global demand, including from central banks.
The World Gold Council's report on gold demand in the first quarter of 2024 reveals that central banks purchased 290 tons of gold in the first three months of the year - the strongest start in history.
