ANTD.VN - While the price of SJC gold remained relatively stable this morning, the price of gold rings continued to surge, constantly setting new records.
Last week, the price of SJC gold surged by approximately 1.5 million VND per tael. The price of the precious metal remained positive as trading resumed at the start of the week. While SJC gold did not rise sharply, gold rings continued to break through their previous record highs.
Saigon Jewelry Company (SJC) is listing the price of SJC branded gold at 71.40 - 73.32 million VND/ounce, an increase of 100,000 VND/ounce for the buying price and unchanged for the selling price compared to the closing price of last weekend.
At DOJI , gold is trading at 71.25 – 72.30 million VND/ounce, an increase of 50,000 VND per ounce for buying and remaining unchanged for selling; at Phu Quy SJC, the price is 71.30 – 72.30 million VND/ounce, a decrease of 100,000 VND/ounce for buying but an increase of 50,000 VND/ounce for selling.
Meanwhile, non-SJC gold recorded a sharp increase right at the beginning of the week. Specifically, PNJ gold is trading at an all-time high of 60.50 - 61.70 million VND/ounce, an increase of 300,000 VND/ounce in both buying and selling prices.
SJC 99.99 gold rings also traded at very high levels, 60.50 – 61.60 million VND/ounce; Bao Tin Minh Chau's Thang Long Gold Dragon plain rings even exceeded 62 million VND/ounce, listed at 61.08 – 62.08 million VND/ounce…
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Gold ring prices continue to break records. |
On the global market, gold prices opened quite positively in Asian markets. The precious metal had risen nearly $6.50 per ounce by 9:30 AM Vietnam time, trading above $2,009 per ounce.
Currently, precious metals are receiving significant support from seasonal factors, as Thanksgiving in the US will be followed by Christmas, New Year's Day, and Valentine's Day, along with the Lunar New Year in China and several other Asian countries.
One calculation shows that, over the past five years, gold has seen an average increase of 2.7% from Thanksgiving to December 31st.
Meanwhile, the biggest risk to gold would be rising bond yields, which would strengthen the US dollar.
With the renewed focus on US monetary policy, the gold market will be sensitive to US GDP and inflation data. While the US economy is expected to experience strong growth in the third quarter, there are growing concerns about a slowdown in the fourth quarter. At the same time, slower-than-expected growth will continue to dampen inflation, leaving room for the Fed to ease its tightening policy.
Energy prices and next week's OPEC+ meeting could be factors influencing inflation. It is anticipated that the oil giants will announce new production cuts. If so, this would put pressure on inflation.
Conversely, if what happens falls short of expectations, oil prices will continue their current downward trend, which could positively impact gold prices. Lower oil prices would contribute to reduced inflation, giving the Fed more breathing room in monetary policy.
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