World gold price at all-time high, SJC gold reaches 74 million VND/tael

SJC gold returns to 74 million VND/tael

Right from the opening hours of the weekend trading session, the gold market has clearly heated up. The price of SJC gold increased by about half a million VND/tael and regained the mark of 74 million VND/tael.

Immediately after the world gold price surpassed its all-time high, the SJC gold price increased sharply back to the 74 million VND/tael mark. Illustrative photo

Specifically, Doji Group is currently selling SJC gold at the highest price in the market, reaching 74 million VND/tael, an increase of 500,000 VND/tael compared to the end of yesterday. The buying price increased more slowly, reaching 72.30 million VND/tael. Thus, the selling price is 1.7 million VND/tael higher than the buying price. This figure was 1.3 million VND/tael yesterday.

At Saigon Jewelry Company – SJC, the selling price is also listed at: 74 million VND/tael. The buying price of SJC gold at SJC Company is higher than at Doji, reaching 72.70 million VND/tael. The difference between the buying and selling price is 1.3 million VND/tael.

Phu Nhuan Jewelry Company listed the gold price at: 72.70 million VND/tael - 73.90 million VND/tael. At Bao Tin Minh Chau Jewelry Company, the SJC gold price was adjusted up to 72.80 million VND/tael - 73.95 million VND/tael.

For the first time, non-SJC gold prices recorded a slower growth rate than SJC gold during this period.

At Bao Tin Minh Chau, the price of Thang Long Dragon gold “only” increased by VND250,000/tael to VND62.03 million/tael – VND63.13 million/tael. At PNJ Company, the price of PNJ gold increased by more than VND200,000/tael to VND61.60 million/tael – VND62.80 million/tael.

It can be seen that the price of SJC gold has increased very strongly and promises to continue to break out this weekend. However, the risk is even greater for buyers when the difference between buying and selling prices is being pushed to a higher level.

World gold price at all time high

Last night, in the US market, the world gold price increased to an all-time high after comments from US Federal Reserve Chairman Jerome Powell increased traders' confidence that the US central bank has completed tightening monetary policy and may cut interest rates starting in March.

Spot gold rose 1.6% to $2,069.10 an ounce. Prices were up 3.4% for the week and had earlier climbed to $2,075.09 an ounce to beat the previous all-time high of $2,072.49 hit in 2020.

US gold futures also rose 1.6% to a record high of $2,089.7.

At the world gold price of 2,075.09 USD/ounce, the SJC gold price is about 61.67 million VND/tael. Thus, the SJC gold price is about 12.33 million VND/tael more expensive than the world gold price. This figure was 14 million VND/tael yesterday. It can be seen that the SJC gold price is less expensive than the world gold price.

However, those records are only nominal. On an inflation-adjusted basis, taking into account the depreciation of the dollar and the impact of higher prices, the price of gold in early 1980 was today's equivalent of $3,452.40 an ounce.

Speaking at Spelman College in Atlanta, Powell said “the risks of under- and over-tightening are becoming more balanced,” but the Fed is not currently thinking about cutting interest rates.

“Gold speculators are focusing on Powell’s comments that interest rates are currently in a limited range, which is driving the narrative that a rate cut will come sooner rather than later, while ignoring his warning that it is too early to speculate on rate easing,” said Tai Wong, an independent metals trader in New York.

Markets are adding to bets of rate cuts starting in March and rates below 4% by the end of next year.

Lower interest rates reduce the opportunity cost of holding zero-yielding gold and generally weaken the value of the dollar.

However, prices may have entered overbought territory and gold has been known to price in early monetary policy expectations over the past two years, Standard Chartered analyst Suki Cooper said in a note.

Boosting bullion's appeal, benchmark 10-year Treasury yields fell to a 12-week low and the dollar fell 0.3%.

Source: https://www.congluan.vn/gia-vang-the-gioi-cao-nhat-moi-thoi-dai-vang-sjc-dat-74-trieu-dong-luong-post274814.html