The price of 9999 gold rings sold at large companies has exceeded 70-71 million VND/tael. The price of SJC gold bars has also returned to an all-time high: 82.2 million VND/tael. Experts advise people to be cautious.
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| Gold prices have skyrocketed in the past 4 months - Photo: PHUONG QUYEN |
9999 gold ring price skyrocketed
After DOJI and Bao Tin Minh Chau listed the price of 9999 gold rings at over 71 million VND/tael, SJC and PNJ also raised the selling price of gold rings.
At the end of today, March 11, SJC Company listed the selling price of 9999 gold rings at 70.1 million VND/tael, buying at 68.9 million VND/tael. Compared to yesterday, the selling price of 9999 gold rings at SJC Company has increased by 500,000 VND/tael.
At PNJ Company, the selling price of 9999 gold rings at the end of today also reached 70 million VND/tael, buying price was 68.8 million VND/tael.
Thus, compared to the God of Wealth Day, the selling price of 9999 gold rings has increased by 5.5 million VND/tael. This is also an unimaginable price if mentioned a few months ago.
Meanwhile, DOJI Company today increased the selling price of 9999 round gold rings by 200,000 VND/tael, to 71.3 million VND/tael, while the buying price increased to 70 million VND/tael.
This price is 1.2 - 1.3 million VND/tael higher than SJC and PNJ brands.
The purchase price also differs by 1.1 - 1.2 million VND/tael.
Bao Tin Minh Chau Company slightly reduced the selling price of 9999 gold rings to 71.05 million VND/tael, buying at 69.55 million VND/tael.
The selling price of SJC gold bars today also increased by 200,000 VND/tael and returned to the old peak of 82.2 million VND/tael. The buying price was at 80.2 million VND/tael. Thus, the difference between buying and selling prices has narrowed compared to last weekend.
At some gold shops, the selling price of SJC gold bars is still "softer" than the selling price at SJC Company, at 81.8 million VND/tael (selling) - 80.6 million VND/tael (buying).
Meanwhile, the world gold price at the end of today was at 2,178.5 USD/ounce. Converted according to the exchange rate listed at the bank, it is equivalent to 65.1 million VND/tael.
Thus, compared to the converted world gold price, the current price of SJC gold bars is 17 million VND/tael higher, and the price of 9999 gold rings is 5 million VND/tael higher.
According to Tuoi Tre , recently, the demand for buying 9999 gold rings has increased sharply, especially after the State Bank announced that it was ready to deploy a plan to intervene to stabilize the gold market by increasing the supply of SJC gold bars to the market.
Most recently, the General Department of Taxation has issued a document directing local tax departments to review all businesses, households, and individuals trading and processing gold, silver, and gemstones in the area, especially trading in raw gold and gold bars.
On that basis, the tax authority implements the risk principle in tax management to check records at the tax authority's headquarters in accordance with regulations. In case of detecting risks, inspections and checks are carried out at the taxpayer's headquarters, focusing on inspecting and checking the use of invoices.
Gold prices are facing profit-taking pressure
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| Within a week, gold has increased by more than 100 USD/ounce, so the risk of a sharp collapse can happen at any time - Photo: PHUONG QUYEN |
Expert Tran Duy Phuong said that in recent days, the continuously bad economic data released by the US has made the market worried that the US Federal Reserve (Fed) will soon cut interest rates.
Fed Chairman Jerome Powell told the US House of Representatives committee on monetary policy that interest rate cuts would likely be appropriate this year and that interest rates were at their highest levels in the current cycle. A stronger yen also supported gold prices.
"The Fed's monetary policy has shown signs of reversal. The world's demand for gold continues to increase, coupled with the geopolitical conflict situation showing no signs of cooling down, showing that gold prices still have a lot of room to continue to increase in the near future. However, we need to be careful of profit-taking pressure, because the world gold price has increased too quickly recently, and the world gold is in an overbought state.
Within a week, gold has increased by more than 100 USD/ounce, so the risk of a sharp collapse can happen at any time. Therefore, people should be careful," expert Tran Duy Phuong noted.
Experts also predict that after the world gold price sets an all-time record, gold will likely enter a strong correction cycle to the $2,080/ounce mark.
According to ANH HONG/Tuoi Tre Electronic Newspaper
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