The price of SJC gold bars has now increased to 83.5 million/tael, while the price of gold rings has also reached its highest level ever, surpassing 81 million/tael.
In the ongoing trading session on the world market, the spot gold price has increased further. 6 USD go up 2,627 USD /ounce. This is a new record high for the world's precious metal. At one point this morning (Vietnam time), the world gold price reached 2,635 USD /ounce.
The global gold price rally began after the US Federal Reserve (Fed) cut interest rates by 0.5 percentage points last week. The reduction was double the market's previous expectations. This year, the world gold price has set new highs many times thanks to expectations of the Fed easing monetary policy. Because precious metals are often more attractive in a low interest rate environment.
Since the beginning of the year, the world gold price has increased by 27% thanks to the buying power of central banks and the need for shelter amid escalating geopolitical tensions.
In the domestic market, the price of gold rings - a commodity whose price is close to the world price - also continued to increase in this morning's trading session (September 24). This is the fourth consecutive session that this commodity has increased.
Currently, Saigon Jewelry Company Limited (SJC) listed the price of gold rings at 79.8 - 81.1 million VND/tael (buy - sell), an increase of 300,000 VND compared to the previous closing price. Compared to the end of last week, this item has increased by 600,000 VND per tael.
At other brands, the price of gold rings this morning also exceeded 81 million/tael.
For example, DOJI Gold and Gemstone Group and Phu Nhuan Jewelry Company (PNJ) listed the buying and selling prices of plain rings at 79.95 - 81.1 million VND/tael, an increase of more than half a million VND/tael. Bao Tin Minh Chau this morning raised the price of gold rings to nearly 80 - 81.1 million VND/tael or Mi Hong Company increased the price to 80.6 - 81.1 million VND/tael.
Similar to gold rings, the buying and selling prices of SJC gold bars also increased sharply by 1.5 million VND this morning, currently trading around 82.5 - 83.5 million VND/tael (buy - sell).
This is also the highest price that SJC gold bars have achieved since the State Bank of Vietnam (SBV) intervened to "stabilize" the price in June.
Also this morning, state-owned banks (Agribank, BIDV, Vietcombank, VietinBank) all announced selling gold bars at 83.5 million VND/tael.
With this fluctuation, the current difference between the price of plain rings and gold bars is only over 2 million VND/tael.
The price of gold rings began to increase rapidly from the end of October last year and has been expanding its upward momentum. Since the beginning of the year alone, each tael of plain gold rings has increased by nearly VND18 million, equivalent to a net increase of more than 28%. Meanwhile, SJC gold bars have recorded a profit of only 8% since the beginning of the year due to the intervention measures of the State Bank.
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