World gold price sets record, gold rings exceed 79 million VND/tael

Gold prices have continuously set records since the beginning of the year - Photo: QUANG DINH

The gap between domestic and world gold prices narrows

At the current price, converted according to the listed exchange rate at the bank, the world gold price is equivalent to 76.36 million VND/tael.

SJC Company and banks in the Big4 group still maintain the selling price of SJC gold bars at 80.5 million VND/tael. The buying price of gold bars at SJC Company also remains the same at 78.5 million VND/tael.

Meanwhile, the price of 9999 gold rings skyrocketed to 79.1 million VND/tael. This is also a record high.

Other gold companies simultaneously increased the price of gold rings.

Bao Tin Minh Chau Company listed the selling price of 9999 gold rings at 79.08 million VND/tael, buying at 77.88 million VND/tael, an increase of 450,000 VND/tael for selling and 400,000 VND/tael for buying.

Meanwhile, DOJI Company listed the buying and selling price of gold rings at 79.1 million VND/tael, buying at 77.9 million VND/tael.

Compared to the converted world gold price, the price of SJC gold bars is 4.14 million VND/tael higher while the price of 9999 gold rings is 2.74 million VND/tael higher.

Why did gold prices hit a record?

According to experts, the record-breaking world gold price is a reaction to the European Central Bank (ECB) cutting interest rates by 0.25% and weakening US inflation. In addition, the sharp decline in the value of the USD is also a driving force for gold prices to break out and increase.

With the current data, the market is betting on a 100% chance that the US Federal Reserve (Fed) will cut interest rates at its meeting on September 17 and 18. The market predicts that the reduction could be up to 0.5% instead of 0.25% as previously forecast.

The low interest rate environment is making gold more attractive to investors.

Previously, Mr. Heng Koon How - head of market strategy, global market and economic research, UOB - predicted that gold would remain a stable haven.

“Gold prices are still hovering around $2,500 an ounce, showing bright potential and gold prices could rise to $2,700 an ounce by mid-2025.

The two main factors driving gold prices higher are safe-haven demand amid geopolitical uncertainty and aggressive central bank buying. Expected global interest rate cuts are the third factor driving demand for gold in the coming months.

Please read the updated gold price developments HERE.

Source: https://tuoitre.vn/gia-vang-the-gioi-lap-ky-luc-vang-nhan-vuot-79-trieu-dong-luong-20240913104445556.htm