Buying price increased sharply

The price of SJC gold bars increased by 300,000 - 600,000 VND per tael, in which the buying price tended to increase more strongly than the selling price. Saigon Jewelry Company - SJC bought at 81.2 million VND, sold at 83.4 million VND. Eximbank bought at 81.5 million VND, sold at 83.5 million VND. Phu Nhuan Jewelry Joint Stock Company (PNJ) bought at 81.2 million VND, sold at 83.4 million VND... The price of SJC gold bars was 7 million VND/tael higher.

The price of gold rings increased from 100,000 to 200,000 VND per tael. PNJ Company bought at 74.5 million VND, sold at 76.3 million VND; SJC bought at 74.4 million VND, sold at 76.4 million VND... The difference between the buying and selling prices of gold in the country is currently about 2 million VND/tael. The price of SJC gold bars is 12 million VND/tael higher than the world price , and gold rings are 5 million VND/tael higher.

The sharp increase in buying price is the opposite of the previous move, when gold trading units often increased selling prices but reduced buying prices. In the context of the market waiting for official information on gold supply from the State Bank in the statement last weekend, many opinions said that this is a good opportunity to take profits to avoid a sharp drop that may happen in the near future.

SJC gold bar price increased

The world gold price increased by 10 USD/ounce to 2,354 USD/ounce, at one point reaching 2,374 USD/ounce. Although gold could not hold above 2,400 USD/ounce, analysts noted that gold is still relatively strong. Specifically, the market began to assess the possibility of an interest rate cut in June after inflation in March was higher than expected. According to CME, the market only sees a 27% chance of the Fed cutting interest rates in June, down from 50% last week and 68% a month ago. However, analysts noted that although the Fed may delay the start of the easing cycle, it is unlikely that they will raise interest rates again, which means that real interest rates can still fall - a positive environment for gold.

Some of the data that will impact gold prices this week include regional manufacturing data, March retail sales and housing. Fed Chairman Jerome Powell will also speak next week in a discussion with Bank of Canada Governor Tiff Macklem. Other information on the market includes weekly jobless claims, the New York Fed Empire State survey, etc.

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