Gold price continues to climb, SJC gold approaches 73 million VND/tael

SJC gold bars gradually increase to 73 million VND/tael.

At around 8:30 a.m. in Ho Chi Minh City, Phu Quy Group increased the price of SJC gold bars by VND100,000 for buying and VND200,000 for selling to VND71.85 million/tael for buying and VND72.65 million/tael for selling. Meanwhile, PNJ Company still kept SJC gold at VND71.6 million/tael for buying and VND72.5 million/tael for selling, unchanged from the previous day.

At the same time in Hanoi , SJC Company listed the price of SJC gold at 71.9 million VND/tael for buying and 72.72 million VND/tael for selling, an increase of 200,000 VND for both buying and selling.

The price of 9999 gold rings was also increased by 100,000 VND/tael by businesses compared to the previous day. Specifically, SJC Company traded SJC 1, 2 and 5 gold rings at only 60.6 million VND/tael for buying and 61.7 million VND/tael for selling, an increase of 100,000 VND for both buying and selling. PNJ Company still kept the price of PNJ gold rings at 60.5 million VND/tael for buying and 61.7 million VND/tael for selling, also an increase of 100,000 VND for both buying and selling.

On the world gold market, the closing price of gold in New York on the night of November 27 increased by 24.3 USD/ounce to 2,013.6 USD/ounce. The spot gold price on the Kitco floor on the morning of November 28 continued to climb to 2,016.3 USD/ounce. This price after conversion is equivalent to 59.3 million VND/tael, lower than SJC gold by nearly 13.5 million VND/tael and lower than 9999 ring gold by about 2.4 million VND/tael.

The world gold price has maintained a high increase of over 2,000 USD/ounce, mainly supported by the possibility that the US Federal Reserve (FED) has reached the highest interest rate in this monetary policy tightening cycle. Markets are expecting the US inflation report for October to be released on November 30 to strengthen the possibility that the FED will end its interest rate hikes in December and will cut interest rates in the first half of 2024.

With the gold price trend in the coming time, The Flying Frisby market analysis company predicts that gold prices will increase sharply next year, including the reason that China has continuously increased its gold reserve purchases in the past time. Data released by the World Gold Council shows that China has increased its gold reserve purchases in the past 12 months. In October 2023 alone, China bought about 23 tons more, bringing the total amount of gold held to 2,215 tons.

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