SJC gold bar price increased dramatically to 107 million VND/tael when international gold price increased sharply

Compared to yesterday, international gold has increased by more than 100 USD/ounce (equivalent to an increase of nearly 3%) to a record high as the health of the US dollar has decreased and the escalating trade war between the US and China has caused investors to flock to this precious metal.

SJC gold bar price reaches 107 million VND/tael when international gold price increases sharply

Earlier, on April 9, US President Donald Trump said he would temporarily reduce tariffs on goods imposed on dozens of countries, but increase tariffs on China from 104% to 125%. Meanwhile, the USD Index fell more than 1% against rival currencies, making gold cheaper for holders of other currencies. These factors pushed gold prices skyrocketing.

Investors are still worried about escalating trade tensions, so they seek safe haven in gold. Gold is still considered a hedge against risks in times of uncertainty. Gold has regained its appeal as a safe haven and is returning to a new high. The price of the precious metal is also forecast to increase above $3,400/ounce in the near future if the trade war continues.

But the prospect of reaching agreements with trade partners will impact the possibility of gold rising. In addition, obstacles may come from reduced expectations of interest rate cuts by the US Federal Reserve (Fed), which could strengthen the USD. The Fed is currently cautious about cutting USD interest rates.

The international gold price has increased significantly, causing the domestic SJC gold bar price to increase significantly this morning, with an increase of about 3 million VND/tael compared to yesterday. Specifically, Saigon Jewelry Company - SJC raised the buying price of SJC gold bars to 103.4 million VND, selling price to 106.4 million VND, an increase of about 3 million VND compared to the end of yesterday. This is the highest price ever. 4-number 9 gold rings at SJC also increased like gold bars when they were bought at 103.4 million VND, sold at 106.43 million VND. Each tael of SJC gold bar is 6 million VND higher than the world price.

This morning (April 11), the central exchange rate announced by the State Bank was 24,923 VND/USD, down 41 VND compared to the 24,964 VND/USD listed yesterday morning. The USD price at commercial banks also decreased sharply compared to yesterday, falling below 26,000 VND/USD. Specifically, this morning Vietcombank listed 25,490 - 25,850 VND/USD (buy-sell).

Source: https://baodautu.vn/gia-vang-mieng-sjc-tang-soc-tien-toi-107-trieu-dongluong-khi-vang-quoc-te-tang-manh-d265778.html