SJC 'wheelies up' 1.4 million VND, 18 million higher than the world

On the morning of February 4, the price of gold bars at Saigon Jewelry Company - SJC was bought at 75.6 million VND/tael, sold at 78.1 million VND. Compared to the end of last week, each tael of gold bar increased by 1.4 million VND. The difference in buying and selling prices of SJC gold bars remained at 2.5 million VND after a week.

Meanwhile, SJC 4-digit 9 gold rings were bought for 63.2 million VND and sold for 64.4 million VND, an increase of 450,000 VND compared to the end of last week. The difference in buying and selling prices of SJC gold rings continued to be maintained at 1.2 million VND/tael. Thus, each tael of SJC gold bar is 13.7 million VND higher than the same brand of gold rings.

SJC gold bar price is 18 million VND per tael higher than the world price .

The world gold price closed the week at 2,039.7 USD/ounce, up 11 USD compared to the end of last week. Converted according to the USD price of Vietcombank , the world gold price is equivalent to 60.2 million VND/tael (excluding taxes and fees). The world gold price has remained unchanged after a week, however, SJC gold bars are still above 78 million VND, so they are nearly 18 million VND higher than the world price.

The precious metal rose sharply but retreated in the final session of the week, especially after the US employment report. The world's largest economy added 353,000 jobs in January, far exceeding the forecast of 180,000 jobs. Wages also recorded a 0.6% increase. This further reinforced the view of the US Federal Reserve (Fed) that it has not cut interest rates yet.

Fed Chairman Jerome Powell dismissed the idea of ​​a rate cut in March this week, but expressed confidence that inflation will return to the 2% target. Some analysts now predict that gold prices will continue to rise in the short term. According to Joseph Cavatoni, market strategist at the World Gold Council, if these interest rates remain unchanged and there is no clarity around that, what the market could see is a rise in gold prices...

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