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 4-9 gold rings were bought for VND63.2 million and sold for VND64.4 million, an increase of VND450,000 compared to the end of last week. The difference in buying and selling prices of SJC gold rings continued to be maintained at VND1.2 million/tael. Thus, each tael of SJC gold bar is VND13.7 million 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 stable 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 then 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 increased by 0.6%. This further reinforces the view of the US Federal Reserve (Fed) that it has not cut interest rates yet.
Fed Chairman Jerome Powell this week ruled out a rate cut in March but expressed confidence that inflation will return to the 2% target. Some analysts expect now gold prices to continue rising in the short term. If these remain unchanged and there is no clarity around that, what the market can see is a rise in gold prices, according to Joseph Cavatoni, chief market strategist at the World Gold Council.
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