SJC gold price is "hot" again, heading towards the mark of 71 million VND/tael

SJC gold prices are heading towards 71 million VND/ounce.

After reaching a peak of 71.6 million VND/ounce, the price of SJC gold quickly cooled down, not only falling below 71 million VND/ounce but also risking falling below 70 million VND/ounce for the selling price. However, after several consecutive days of decline, the price of SJC gold has heated up again, rising sharply and heading towards the 71 million VND/ounce mark once more.

Right from the opening bell, Doji Group adjusted the price of SJC gold upwards by 150,000 VND/ounce to 69.55 million VND/ounce – 70.45 million VND/ounce. The difference between the buying and selling price at Doji reached its highest level, up to 900,000 VND/ounce.

Saigon Jewelry Company (SJC) also sells SJC gold at 70.45 million VND/ounce, the same as Doji Group. However, the buying price at SJC is 200,000 VND/ounce higher, reaching 69.75 million VND/ounce.

SJC gold prices are heating up again, reaching 71 million dong (Figure 1). — The escalating conflict in Gaza is causing SJC gold prices to heat up again, heading towards 71 million VND per tael. Photo: Getty Images

Phu Nhuan Jewelry Company is listing SJC gold prices at: 69.70 million VND/ounce – 70.35 million VND/ounce, an increase of 150,000 VND/ounce. At Bao Tin Minh Chau Jewelry Company, SJC gold prices were adjusted upwards by 130,000 VND/ounce to 69.76 million VND/ounce – 70.43 million VND/ounce.

Non-SJC gold prices also accelerated. At Bao Tin Minh Chau, Thang Long gold was traded at: 57.48 million VND/ounce – 58.43 million VND/ounce. At PNJ Company, PNJ gold was traded at: 57.40 million VND/ounce – 58.40 million VND/ounce.

Despite the volatile gold market, the precious metal has yet to attract the attention of investors because gold is currently considered a high-risk investment channel due to the large difference between buying and selling prices, and the significant difference between the SJC gold price and the world price.

World gold prices reach a two-month high.

Domestic gold prices are heading towards 71 million VND/ounce as global gold prices surge and reach a two-month high.

Gold rose to its highest level in more than two months on Wednesday as escalating conflict in the Middle East prompted investors to flock to the safe-haven metal.

Spot gold rose 1% to $1,950.67 per ounce, after touching its highest level since August 1st. US gold futures rose 1.7% to $1,968.3.

“Gold could reach $2,000 in the near future if geopolitical conflicts escalate. Additionally, a pause in interest rate hikes by the Federal Reserve, or a hint at a lower rate hike in the future, would be positively interpreted,” said Ryan McIntyre, senior portfolio manager at Sprott Asset Management.

Gold, considered a safe-haven asset amid political and financial instability, has risen more than 5% since the beginning of October. Major Wall Street stock indexes have fallen amid risk aversion concerns.

Jim Wyckoff, senior analyst at Kitco Metals, said: “Gold will fall back if the situation in the Middle East eases, but right now, the market is expecting further escalation.”

Approximately 500 Palestinians were killed in an explosion at a hospital in Gaza City on Tuesday.

Fawad Razaqzada, a market analyst at City Index, wrote in a note that, with the dollar maintaining its upward trend and bond yields rising again, it wouldn't take long for gold prices to fall back down.

The focus is also on Federal Reserve Chairman Jerome Powell's speech on Thursday, which could provide some clarity on the Fed's interest rate path following recent dovish comments from some U.S. policymakers.

Ole Hansen, head of commodity strategy at Saxo Bank, stressed in a note that asset managers, many of whom trade gold through exchange-traded funds (ETFs), continue to focus on the strength of the US economy, rising bond yields, and the potential for another delay in the price peak.

Spot silver rose 0.2% to $22.87, platinum fell 1.4% to $884.89, and palladium declined 1% to $1,132.61.

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