Gold price domestic
At noon on March 30th, the price of SJC gold traded at Saigon Jewelry Company in Ho Chi Minh City was around 78.30 - 80.80 million VND/ounce, a decrease of 700,000 VND/ounce for the buying price and 200,000 VND/ounce for the selling price compared to the closing price yesterday. The buy-sell spread was 2.5 million VND/ounce.
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Gold prices at Saigon Jewelry Company in Hanoi are around 78.30 - 80.82 million VND/ounce, down 700,000 VND/ounce for buying and 200,000 VND/ounce for selling compared to yesterday's closing price. The buy-sell spread is 2.5 million VND/ounce.
The price of SJC gold bars at Bao Tin Minh Chau Company is trading around 78.45 - 80.65 million VND/ounce, down 400,000 VND/ounce for buying and down 150,000 VND/ounce for selling compared to the previous closing session.
At Phu Quy Group, the price of SJC gold bars is currently trading around 78.40 - 80.70 million VND/ounce for buying and selling, a decrease of 400,000 VND/ounce for buying and 100,000 VND/ounce for selling compared to yesterday.
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The price of SJC gold bars at Bao Tin Manh Hai Company is trading around 78.45 - 80.65 million VND/ounce, down 400,000 VND/ounce for buying and down 100,000 VND/ounce for selling compared to the previous closing session.
Along with the sharp decline in SJC gold prices, the price of 999.9 gold rings reversed course and fell sharply today. Specifically, the price of 999.9 (24k) gold rings, Thang Long gold bars, and plain gold rings at Bao Tin Minh Chau Company traded at 68.80 - 70.30 million VND/ounce for buying and selling, a decrease of 380,000 VND/ounce for buying and 180,000 VND/ounce for selling compared to yesterday.
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| Gold prices traded at Bao Tin Manh Hai |
999.9 (24k) Thang Long gold jewelry is trading around 68.70 - 70.20 million VND/ounce, down 550 million VND/ounce for buying and down 450,000 VND/ounce for selling compared to yesterday.
Similarly, Thang Long Gold Dragon and Kim Gia Bao gold rings are trading at Bao Tin Manh Hai Company around 69.38 - 70.58 million VND/ounce for buying and selling, down 550,000 VND/ounce for buying and 450,000 VND/ounce for selling compared to yesterday's closing price.
The price of 999.9 gold is around 68.60 - 70.30 million VND/ounce, down 450,000 VND/ounce for both buying and selling compared to yesterday's closing price. The price of 99.9 gold is currently fluctuating around 68.50 - 70.20 million VND/ounce, down 450,000 VND/ounce for both buying and selling compared to yesterday's closing price.
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| Gold prices traded at Phu Quy Group |
At Phu Quy Group, Phu Quy 999.9 gold rings and Phu Quy 999.9 gold amulets are trading around 69.35 - 70.55 VND/ounce, down 450,000 VND/ounce for buying and 500,000 VND/ounce for selling compared to yesterday.
24K 999.9 gold is currently trading around 68.80 - 70.30 million VND/ounce, down 200,000 VND/ounce for both buying and selling prices compared to yesterday.
World gold prices
According to Kitco, the spot price of gold this morning (March 30th), Vietnam time, was $2,233 per ounce. Today's price is $1.38 per ounce higher than yesterday's price.
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| World gold price chart this afternoon |
Based on the current exchange rate at Vietcombank, the world gold price is approximately 66.012 million VND/ounce (excluding taxes and fees). Therefore, the price of SJC gold bars is still 12.988 million VND/ounce higher than the international gold price.
Yesterday, the US Commerce Department released its February report on core personal consumer price index (PCE) figures – excluding food and energy – showing a 2.8% year-on-year increase and a 0.3% increase compared to the previous month. Both figures matched expert forecasts. In January, core PCE also rose 2.8% year-on-year. Including food and energy, overall PCE increased 0.3% month-on-month, lower than the 0.4% forecast by experts.
Many analysts believe this report came as no surprise. Furthermore, the US financial markets were closed on Good Friday, so there was little reaction from traders to the latest inflation data. Although inflation remains significantly higher than the Federal Reserve's 2% target, it continues to trend lower. Many investors now predict the Fed will keep interest rates unchanged at its May 1st meeting, and then cut rates at its June meeting.
In fact, expectations of cooling inflation were reflected in the market mid-week when gold prices rose to an all-time high of $2,256 per ounce, equivalent to 67.5 million VND per tael.
Daniel Ghali, an analyst at TD Securities, believes that gold prices will continue to rise even if the Fed does not cut interest rates because the US dollar is weakening and geopolitical tensions are supporting gold price growth.
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