Domestic gold increases continuously
At the end of February 1, the price of SJC gold bars was listed by large enterprises at 76-78.3 million VND/tael (buy - sell), an increase of 400,000 VND/tael for buying and 600,000 VND/tael for selling compared to the opening time of the session. The difference between buying and selling prices decreased from 2.5 million VND to 2.3 million VND. Yesterday's session was also the 4th consecutive day that the precious metal increased, raising the price of gold bars to the highest level in a month.
Compared to the peak set on December 26, 2023, each SJC gold bar bought is 3 million VND lower, while the selling price is only about 2 million VND lower.
Yesterday's gold ring price was listed at 63.15-64.35 million VND/tael (buy - sell), up 150,000 VND each way compared to the opening time of yesterday morning's session.
In the international market, the price of gold today fluctuates around 2,060 USD/ounce, up 20 USD compared to yesterday. Converted according to the exchange rate excluding taxes and fees, the price of domestic gold bars is 17 million VND/tael more expensive than the world price .
Domestic gold widens the gap with the world (Photo: Tien Tuan).
Yesterday, the US Federal Reserve (Fed) announced that it would keep its benchmark interest rate unchanged, as previously predicted by the market. The benchmark interest rate in the US is currently around 5.25-5.5%/year. In the previous 3 meetings, this agency also kept the interest rate unchanged.
"The committee does not believe it is appropriate to reduce the target range for the federal funds rate in the near term until it is more confident that inflation is moving steadily toward its 2 percent objective," the Fed said.
In a press conference later, Fed Chairman Jerome Powell also emphasized that there is currently no proposal to cut interest rates and that a rate cut in March is not the most likely. The Fed Chairman's move somewhat dismissed the possibility of a rate cut that the market had expected. The Fed Chairman said that policymakers will monitor more data to determine the current economic trends.
In response to this news, the world gold price immediately reversed and dropped by 10 USD to 2,038 USD/ounce. However, the world gold price quickly recovered. According to strategist Daniel Ghali of TD Securities - an investment bank - strong demand for physical gold and the trend of net gold buying by central banks will continue to support gold prices in the coming time.
USD price in banking and free market cools down
The USD-Index - an index measuring the greenback's strength against a basket of major currencies - remained at 103.5 points, up 2.07% from the beginning of the year.
The central exchange rate yesterday was listed by the State Bank at 24,023 VND/USD, down 13 VND compared to the previous day. With the current 5% band, the USD price at commercial banks is allowed to fluctuate from 22,821 VND to 25,224 VND.
Major banks listed the buying and selling rates at 24,225-24,595 VND/USD (buying and selling). At joint stock banks, the price is 24,260-24,570 VND/USD.
On the free market, the USD price is 24,960-25,060 VND/USD, down 25 VND for buying and up 25 VND for selling.
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