Gold ring price increases vertically

11/27/2023 11:02 Nhat Linh Print article

ANTD.VN - While the price of SJC gold fluctuated little this morning, the price of gold rings continued to increase sharply, continuously setting new records.

Last week, the price of SJC gold increased sharply to about 1.5 million VND/tael of SJC gold. The price of precious metals remained positive when trading resumed in the first session of the week. Although SJC gold did not increase sharply, ring gold continued to break out of the old record price.

Saigon Jewelry Company (SJC) is listing the price of SJC gold brand at 71.40 - 73.32 million VND/tael, an increase of 100 thousand VND/tael for buying and unchanged for selling compared to the closing price at the end of last week.

At DOJI, gold price is trading at 71.25 - 72.30 million VND/tael, up 50 thousand VND per tael for buying and unchanged for selling; Phu Quy SJC 71.30 - 72.30 million VND/tael, down 100 thousand VND/tael for buying but up 50 thousand VND/tael for selling.

Meanwhile, non-SJC gold recorded a sharp increase early this week. Specifically, PNJ gold is trading at an all-time high price of VND60.50 - 61.70 million/tael, up VND300,000/tael in both directions.

SJC 99.99 gold rings are also traded at a very high level, 60.50 - 61.60 million VND/tael; Bao Tin Minh Chau's Thang Long Gold Dragon plain round rings even exceed 62 million VND/tael, listed at 61.08 - 62.08 million VND/tael...

Gold ring price continuously breaks records

In the world market, the gold price opened in the Asian market with quite positive developments. The precious metal increased by nearly 6.5 USD/ounce as of 9:30 am Vietnam time, trading at over 2,009 USD/ounce.

Precious metals are currently receiving great support from seasonal factors, as after Thanksgiving in the US, Christmas, New Year and Valentine's Day will come, along with Lunar New Year in China and some Asian countries.

One calculation shows that over the past five years, gold has seen an average gain of 2.7% from Thanksgiving to December 31.

Meanwhile, the biggest risk to gold would be rising bond yields, which would strengthen the US dollar.

With renewed focus on U.S. monetary policy, the gold market will be sensitive to U.S. GDP and inflation data. While the U.S. economy is expected to post strong growth in the third quarter, there are growing concerns about a slowdown in activity in the fourth quarter. At the same time, slower-than-expected growth will continue to dampen inflation, giving the Fed room to ease its tightening bias.

Energy prices and next week’s OPEC+ meeting could be factors influencing inflation. The oil cartel is expected to announce new production cuts, which could put upward pressure on inflation.

On the other hand, if the outcome is lower than expected, oil prices will continue their current downward trend, which could have a positive impact on gold prices. Lower oil prices will help reduce inflation, providing the Fed with more breathing room in monetary policy.

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