Continuously breaking the peak, SJC gold exceeds 90 million VND/tael

Updated date: 05/10/2024 10:30:34

This morning, May 10, the world gold price recovered strongly, pushing SJC gold far beyond 90 million VND/tael - setting a new peak at 90.5 million VND/tael. The difference between SJC gold and the world price is still over 18 million VND/tael.

World gold price turns to increase, pulling domestic SJC gold price up to 90.5 million VND/tael

At around 8:45 a.m. on May 10, in Ho Chi Minh City, SJC Company listed the price at VND88.2 million/tael for buying and VND90.5 million/tael for selling, an increase of VND1 million for both buying and selling compared to yesterday afternoon. Mi Hong Gold Shop also increased the price by VND300,000 for buying and VND600,000 for selling compared to the previous afternoon, to VND88 million/tael for buying and VND89.5 million/tael for selling.

At the same time, in Hanoi , PNJ Company increased 400,000 VND in both buying and selling prices compared to yesterday, trading at 87.2 million VND/tael for buying and 89.5 million VND/tael for selling.

9999 gold rings also increased sharply this morning. SJC Company traded at 74.3 million VND/tael for buying and 76 million VND/tael for selling, an increase of 800,000 VND for both buying and selling compared to yesterday afternoon. PNJ Company also increased by 700,000 VND for both buying and selling, listed at 74.2 million VND/tael for buying and 76 million VND/tael for selling.

On the world gold market, the spot gold price on Kitco floor on the morning of May 10 (Vietnam time) was at 2,350.5 USD/ounce, up about 40 USD compared to yesterday afternoon. This price after conversion is equivalent to 72.15 million VND/tael, lower than SJC gold by about 18.35 million VND/tael and lower than 9999 ring gold by about 3.9 million VND/tael.

World gold prices reversed sharply higher due to the weakening of the USD after newly released economic data showed many signs of weakness in the US labor market. Specifically, the number of initial unemployment claims increased by 22,000 last week, reaching 231,000, the highest level since late August 2023.

In addition, the decision by several major central banks to cut interest rates or signal their readiness to cut interest rates further in the future has also had a positive impact on gold prices, as lower interest rates reduce the opportunity cost of holding non-yielding gold, making the precious metal more attractive.

According to NHUNG NGUYEN (SGGP)

Source: https://baodongthap.vn/thi-truong/lien-tuc-pha-dinh-vang-sjc-vuot-xa-90-trieu-dong-luong-122254.aspx