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| The price of 9999 gold rings increased sharply (Photo: ST) |
In the world market, gold prices reached a new high on October 17 due to uncertainty surrounding the US election and expectations of major central banks cutting interest rates. Attention is also focused on a series of upcoming US economic data.
Specifically, the spot gold price jumped to a record high of $2,685.60/ounce in this session, before falling to $2,680.19/ounce at 11:58 a.m. Vietnam time. The US gold futures price increased 0.2% to $2,695.90.
Traders see a 92% chance that the US Federal Reserve will cut interest rates by 25 basis points next month. The European Central Bank (ECB) may cut rates again at its meeting on October 17, arguing that inflation in the eurozone is now under increasing control. UK inflation also fell sharply last month, opening the door for the central bank to cut interest rates next month.
Following the increase in world gold prices, in the domestic market, both SJC gold bars and gold rings have increased sharply. According to gold and gemstone companies, the price of SJC gold bars is currently listed at VND86 million/tael, which is the highest selling price at this time. The buying price is VND84 million/tael.
Gold rings, especially SJC 9999 gold rings, have also increased sharply in price. The price of SJC gold rings is currently listed at VND82.6 million/tael for buying price and VND83.9 million/tael for selling price.
Specifically, DOJI brand in Hanoi and Ho Chi Minh City adjusted the price of gold rings to increase by 400,000 VND for buying and 500,000 VND for selling, respectively, bringing the buying price to 83.35 million VND/tael and the selling price to 84.35 million VND/tael.
PNJ gold rings also increased by 350,000 VND in both directions, with the buying price reaching 83.15 million VND/tael and the selling price up to 84.15 million VND/tael.
Bao Tin Minh Chau brand listed the price of plain round gold rings at VND83.33 million/tael (buy) and VND84.33 million/tael (sell), up VND400,000 and VND500,000 respectively compared to the previous trading session. Phu Quy SJC recorded an increase of VND300,000 for the buy price (VND83.2 million/tael) and VND350,000 for the sell price (VND84.2 million/tael).
According to experts, the main reason behind the global gold price increase lies in the weakening of US bond yields and the expectation that major central banks will cut interest rates. Lower interest rates make bullion, a non-yielding asset, more attractive to investors. Moreover, global geopolitical tensions continue to boost demand for gold as a safe haven asset, increasing the value of this precious metal./.
Source: https://dangcongsan.vn/kinh-te/gia-vang-nhan-9999-tang-manh-680920.html
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