SJC gold bar price approaches historical peak
On the morning of August 4, domestic gold prices increased sharply after a slight decrease on the first day of the week. At Saigon Jewelry Company (SJC), each tael of gold bar was listed for buying at VND122.2 million and selling at VND123.8 million, an increase of VND500,000/tael compared to yesterday.
99.99% gold rings and jewelry gold are also not out of this trend when they increased to 116.8 million VND/tael for buying and 119.4 million VND/tael for selling.
SJC gold bars are now approaching the historical peak of over 124 million VND/tael set in April.
SJC gold bar price continues to increase
Why does the price of SJC gold bars increase?
The acceleration of the domestic gold market took place in the context of the world gold price also breaking out strongly. According to records at 9:00 this morning (Vietnam time), the international gold price increased by about 30 USD compared to the previous session, reaching 3,380 USD/ounce.
World gold prices rose as the USD continued to weaken. The DXY index fell below the 100-point threshold, now at 98.7 points.
The greenback’s decline was fueled by growing expectations that the Federal Reserve will begin easing monetary policy, especially as recent data point to a weakening US economy . The precious metal’s rally was further bolstered by investors seeking safe havens.
However, the gap between domestic and world gold prices remains very high. Converted according to Vietcombank exchange rate, each tael of world gold is currently equivalent to about 107.5 million VND, 16 million VND/tael lower than the price of SJC gold bars.
This continues to surprise and contradict the expectations of many domestic investors, when they had hoped that SJC gold prices would cool down to narrow the gap with world prices.
Source: https://nld.com.vn/tang-bat-ngo-gia-vang-mieng-sjc-sap-cham-moc-dinh-lich-su-196250805091854401.htm
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