Gold prices rise sharply again?

At the close of trading on May 28, 2024, the domestic SJC gold price skyrocketed compared to the early morning of the same day. At 8:00 p.m., the SJC gold price was listed by Saigon Jewelry Company Limited - SJC at VND 88.5 million/tael for buying and VND 90.5 million/tael for selling.

Compared to the early morning of the same day, the price of SJC gold at this unit was adjusted to increase by 600,000 VND/tael in both buying and selling directions.

The difference in gold buying and selling prices at this unit is currently at 2 million VND/tael, this is a high gap, pushing the risk to the consumer.

Closing the trading session on May 29, 2024, Saigon Jewelry Company Limited - SJC listed the price of SJC gold at 88.5 - 90.5 million VND/tael for buying and selling.

At the close of trading on May 28, 2024, Bao Tin Minh Chau listed the price of SJC gold at 88.45 - 90 million VND/tael for buying and selling. Compared to the early morning of the same day, the price of SJC gold at this unit was adjusted up 550,000 VND/tael for buying and up 400,000 VND/tael for selling.

Similarly, DOJI brand is listing SJC gold price at 88.4 - 90 million VND/tael for buying and selling.

Today, the domestic price of gold rings also increased following the trend of gold bar prices. Saigon Jewelry Company Limited - SJC listed the price of gold rings at 75 million VND/tael for buying and 76.7 million VND/tael for selling.

The price of 9999 Hung Thinh Vuong round gold rings at DOJI is listed at 75.40-76.80 million VND/tael for buying and selling. Compared to the closing price of the previous trading session, the price of gold rings by this unit increased by 100,000 VND/tael for buying and increased by 50,000 VND/tael for selling.

Vietnam's gold price often follows world prices. Therefore, it is very likely that on May 29, 2024, domestic gold prices will increase. Photo: Vnexpress

In the domestic market, according to analysts, domestic gold prices today increased sharply after the information about the suspension of gold auctions by the State Bank. Accordingly, last night (May 27), the State Bank announced that it would adjust the gold market stabilization plan, stop auctioning gold bars and will implement an alternative stabilization plan as soon as possible, expected to start from June 3. This information has made the gold market as well as many investors and people "anxiously" waiting for the next gold market stabilization solutions from the State Bank.

Previously, this unit had organized 9 gold auctions, of which 3 were canceled and more than 1.8 tons of gold bars were added to the market, but the price difference between domestic and international SJC gold bars had not yet been resolved.

Giving advice to investors and people in the country who want to buy gold at this time, experts recommend that investors and people should be cautious in transactions at this time, especially when investing in buying gold.

In the world market, the world gold price cooled down despite the decrease in the USD index. Recorded at 6:00 p.m. on May 28, the spot gold price in the world market stood at 2,342.7 USD/ounce, down 8 USD/ounce compared to the morning trading session. The gold futures price stood at 2,343.7 USD/ounce, down 8.8 USD/ounce compared to the morning trading session.

The strong US dollar is due to the change in US monetary policy, which is a factor affecting gold prices, said Kelvin Wong, senior market analyst for Asia Pacific at OANDA. However, in the short term, spot gold prices are still in an upward trend. And $2,310 an ounce is an important short-term support level this week, Mr. Wong added.

Some experts say that Vietnam's gold price often follows the world price. Therefore, it is very likely that domestic gold prices will increase on May 29, 2024. However, in the long term, when authorities implement stabilization measures, gold prices may gradually cool down.

Source: https://congthuong.vn/du-bao-gia-vang-ngay-2952024-gia-vang-tang-manh-tro-lai-322882.html