Gold price hits new peak of 81 million VND

A tael of SJC gold was sold for 81 million VND late this morning, breaking the old peak set at the end of 2023.

This morning, Saigon Jewelry Company (SJC) listed the buying price of gold bars at 78.4 million VND and the selling price at 80.9 million VND per tael. These prices increased by 600,000 VND and 1.1 million VND respectively compared to the end of yesterday.

Just about an hour later, the price of gold bars rose to 78.5-81 million VND per tael. The difference between buying and selling prices was 2.5 million VND.

Thus, the price of SJC gold is at its highest level in history. The record of 81 million VND per tael, breaking the old peak of 80 million VND recorded on December 26, 2023.

However, in the early afternoon, each tael of gold bar decreased by half a million VND compared to the morning due to increased selling pressure. At 1:40 p.m., SJC listed the buying and selling prices at 78.1 - 80.6 million VND.

Also increasing sharply in price, but gold bars at other units are listed at lower prices. PNJ buys at 78.3 million VND per tael and sells at 80.7 million VND. Meanwhile, DOJI lists the price at 78.45-80.95 million VND per tael.

Domestic gold prices increased in line with the world trend. Spot gold closed the weekend session up 38.9 USD to 2,082.3 USD per ounce. This is the highest level in two months with the momentum coming from the decrease of the greenback. Converted according to Vietcombank exchange rate, world gold is trading at nearly 62.3 million VND per tael, an increase of about 1.2 million VND compared to yesterday.

Since the God of Wealth Day (February 19), gold prices have been on a rising trend. From the price of 77.5 million VND, SJC gold bars have increased by 3.5 million VND per tael in less than two weeks.

Not only branded gold bars, but also gold ring prices have continuously reached new peaks. By the end of this morning, SJC listed gold rings at 65.3-66.5 million VND per tael, an increase of about 900,000 VND compared to the end of yesterday.

SJC staff are introducing gold bars embossed with dragons. Photo: Tat Dat

Forecasting the domestic gold bar price, experts give two scenarios, depending on policy intervention from the management agency.

If the State Bank has not yet had a policy to intervene in the gold market, gold prices are forecast to have room to increase due to expectations of a weakening USD when the US Federal Reserve (Fed) cuts interest rates.

In the scenario where the State Bank decides to increase the supply of gold bars, the price will reverse and decrease depending on the amount supplied to the market. Or, if the monopoly on SJC gold bars is stopped, the price of this type of gold will also decrease sharply. However, this is a difficult problem with the policy of preventing the goldization of the economy as well as the priority of controlling and stabilizing the exchange rate.

Siddhartha