SJC gold price today
At the stores in Hanoi , the trading atmosphere is quite gloomy. According to Lao Dong reporters, at some gold stores on Tran Nhan Tong Street (Hai Ba Trung District, Hanoi) on March 26, the number of customers coming to trade was not much.
Faced with the sharp decline in SJC gold prices, some investors have decided to switch to buying gold rings. Mr. Tuan Anh ( Thai Binh ) shared: "I have unused money so I want to buy gold. Recently, I have been following the sharp decline in gold bar prices, while gold rings have held their value quite well. I read in the newspaper that in the near future, the price of gold bars may fall sharply because the State is reviewing gold management activities. Therefore, my wife and I are planning to buy gold rings."
Ms. Nguyen Huyen My (25 years old, Hai Ba Trung district) - a gold buyer on Tran Nhan Tong street (Hai Ba Trung district) - shared: "I am planning to invest in gold. Recently, the price of gold has been constantly changing, I have chosen to buy gold in many installments instead of buying all at once. This way, I can avoid investment risks and keep my money to find more investment channels."
9999 gold ring price
As of 7:00 p.m. today, March 25, the price of plain round gold rings listed by Bao Tin Minh Chau is 69.08-70.28 million VND/tael (buy - sell). Compared to the closing price of the previous trading session, the price of gold rings by Bao Tin Minh Chau increased by 800,000 VND/tael for buying and increased by 220,000 VND/tael for selling.
Meanwhile, Saigon Jewelry listed the buying and selling prices at 68.15-69.4 million VND/tael. Compared to the previous trading session, the ring gold price was adjusted by Saigon Jewelry to increase by 150,000 VND/tael for buying and selling.
Phu Nhuan Jewelry (PNJ) listed the price at 68.2-69.24 million VND/tael (buy - sell). Compared to the previous trading session, the price of gold rings was adjusted by PNJ to increase by 200,000 VND/tael for both buying and selling.
World gold price
Gold Price Forecast
Investors are focused on US inflation data later this week for clues on when the Federal Reserve will cut interest rates for the first time this year.
Kyle Rodda, a financial markets analyst at Capital.com, said the market is lacking new catalysts, but is taking a breather after a strong rally. The next move could depend on this week's personal consumption expenditures (PCE) price index data.
Recent reports have shown that the rising price of gold is causing a series of discrepancies in the precious metals market around the world. Many countries are taking measures to deal with this problem.
According to Kitco, in Thailand, domestic gold prices set three consecutive all-time highs in one day on March 21. This is the strongest upward trend, an increase of more than 25% since the end of 2022.
“This has never happened before in history, especially when in just the first three months of the year, the price of gold has increased by more than 10%,” Jitti Tangsitpakdee, president of the Thai Gold Merchants Association, told local media outlet Khaosod.
The sustained uptrend is driven not only by the prospect of a central bank rate cut but also by continued local buying, Mr. Tangsitpakdee said.
The period of soaring gold prices also contributed to a surge in counterfeit gold trading, including gold bars and jewelry, with more than 1,600 cases reported in 2023, according to Thailand's Ministry of Commerce.
Thai Commerce Deputy Minister LaNaphinthorn Srisanphan informed that the agency “has authorized the Gem and Jewellery Institute of Thailand (GIT) to test the purity of precious metals and the purity of gold using ultrasonic waves that do not damage the ingot”.
Pakistan has taken strong measures against speculation and smuggling in the jewelry industry since September last year.
From September 13 to October 10, 2023, the Pakistan Gems and Jewellers Association (APGJA) suspended the publication of daily gold prices after arresting five jewellers for alleged illegal activities. They were later released.
The daily exchange rate announcement “remains disrupted until the third week of October 2023, and the inconsistency in gold prices poses significant challenges for consumers,” the report said.
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