DNVN - Opening the trading session on the God of Wealth's day, February 7 (the 10th day of the first lunar month), the gold price rebounded, officially surpassing the threshold of 90 million VND/tael.
At the end of February 6, this precious metal fell sharply below the 90 million VND/tael mark.
Before God of Wealth Day, the gold market had notable fluctuations when the price dropped to nearly 90 million VND/tael.
The gold price increase is driven by increased demand for asset preservation, pushing prices to near record levels.
From early morning, many people flocked to gold shops, lining up to buy gold for luck.
At 9:10 a.m., Saigon Jewelry Company (SJC) listed the buying and selling prices at VND86.8 - 90.3 million/tael, up VND400,000 and VND700,000 respectively compared to the previous session.
DOJI system announced the price of SJC gold bars at 86.5 - 90 million VND/tael (buy - sell), with an increase of 100,000 VND and 400,000 VND respectively compared to the previous closing price.
Similarly, gold rings also increased. At Bao Tin Minh Chau Company, the buying and selling prices reached 86.5 - 89.95 million VND/tael, 400,000 VND higher for buying and 650,000 VND higher for selling compared to yesterday.
SJC Company also raised the price of gold rings to 86.5 - 89.5 million VND/tael (buy - sell), an increase of 100 thousand VND in both transaction directions.
In the world market, in the session of February 6, gold price decreased by 1% when the USD strengthened before the US announced an important employment report.
Investors also stepped up profit-taking after a series of five consecutive sessions of peaking of precious metals, fueled by trade tensions between the US and China.
At the COMEX exchange in the US, spot gold prices closed down 0.4% to $2,853.16 an ounce, after hitting a peak of $2,882.16 an ounce in the previous session. Meanwhile, US gold futures prices fell 0.6% to $2,876.70 an ounce.
"Pressure from a stronger US dollar, profit-taking and bond yields inching up from lows have kept gold prices lower ahead of the US jobs report," said Daniel Pavilonis, senior strategist at RJO Futures.
“Not only is there general market volatility, but inflation is still rising quietly, making gold a safe haven asset,” said Alex Ebkarian, CEO of Allegiance Gold. “Gold is on track to hit $2,900 an ounce, and market sentiment remains bullish despite a stronger dollar in the short term.”
At the same time, Deputy Governor of the Bank of England, Dave Ramsden, informed that the amount of gold reserves at this bank has decreased by about 2% since the end of last year due to increased demand for gold stored here to take advantage of price differences in the international market.
Cao Thong (t/h)
Source: https://doanhnghiepvn.vn/kinh-te/gia-vang-ngay-02-7-2024-ngay-via-than-tai-gia-vang-tang-manh-ngay-dau-phien/20250207095213822
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