For the first time in history, gold price exceeded 88 million VND/tael

DNVN - The new record price of SJC gold bars on the morning of May 9 was 85.9-88.2 million VND/tael (buy - sell), an increase of 700,000 VND each way. For the first time in history, the price of gold exceeded 88 million VND.

On the morning of May 9, the price of SJC gold bars continued to set a new record when large enterprises listed them at 85.9-88.2 million VND/tael (buy - sell), an increase of 700,000 VND each way. The difference between the two buying and selling directions is still relatively high, at 2.3 million VND.

At Bao Tin Manh Hai, the price of SJC gold bars closed on May 8 at 85.55-87.5 million VND/tael (buy - sell) while gold rings here were listed at 74.8-75.58 million VND/tael (buy - sell).

Thus, domestic gold continues to move in the opposite direction to the world . In the international market, today's gold price reached 2,313 USD/ounce. Converted according to the exchange rate excluding taxes and fees, each tael of domestic gold bars is 15.5-16.5 million VND higher than the international price, and each tael of gold rings is 4-4.5 million VND higher, depending on the time.

Global gold prices fell slightly as investors focused more on the prospect of interest rate cuts from the US Federal Reserve (Fed). At the same time, geopolitical risks around the world and potential tensions in the banking system remained strong enough to support the precious metal.

On the morning of May 9, the price of SJC gold bars continued to set a new record.

Many opinions say that if the State Bank cannot sell gold through the upcoming auctions, the domestic gold price will likely continue to increase when the buying power in the market is higher than the selling power. This makes it very likely that the gold price will increase to 90 million VND/tael, even if the world gold price does not increase sharply.

Previously, in the gold auction on the morning of May 8, the State Bank bid for 16,800 taels of SJC gold bars with a floor price (the minimum price that units pay when bidding) of VND86.05 million per tael of SJC gold bar. There were 3 winning units, but the total volume was only 3,400 taels with a price of VND86.05 million, equivalent to the floor price.

This price is about VND1 million per tael higher than the price SJC bought from people earlier in the day and VND1.3 million lower than the selling price. This is the second time the State Bank has successfully organized an auction after five auctions. In total, the monetary authority has just supplied 6,800 taels of gold bars to the market.

Ha Anh

Source: https://doanhnghiepvn.vn/kinh-te/lan-dau-trong-lich-su-gia-vang-vuot-88-trieu-dong-luong/20240509095958132