The world sets a new record, the domestic market is close to 82 million.

On the morning of March 8, the price of gold bars at Saigon Jewelry Company - SJC was bought at 79.8 million VND, sold at 81.8 million VND like the end of yesterday. Similarly, Phu Nhuan Jewelry Company (PNJ) bought at 79.85 million VND, sold at 81.8 million VND; Doji Group also bought at 79.75 million VND, sold at 81.75 million VND... This is the highest price ever for SJC gold bars.

In particular, the price of 4-number 9 gold rings at SJC increased by 100,000 VND, bringing the buying price to 67 million VND and the selling price to 68.25 million VND; Bao Tin Minh Chau Company bought at 67.68 million VND, sold at 68.88 million VND; PNJ added 50,000 - 100,000 VND when buying at 66.9 million VND and selling at 68.2 million VND... The price of gold rings also set a new record in the market. The difference between buying and selling gold rings in other places has increased to 1.2 - 1.3 million VND/tael.

World gold price on the morning of March 8 set a new record

The world gold price jumped to $2,160/ounce, breaking the record price set in December 2023 and even reached $2,164.09/ounce, marking an all-time high. Speaking on CNBC, Joseph Cavatoni, market strategist of the World Gold Council (WGC), said that expectations of lower interest rates are driving gold prices and everyone is expecting that to come. In addition, Mr. Cavatoni added that gold buying by central banks also continues to be very strong.

Investors now see a 72% chance the Federal Reserve will cut interest rates in June, up from a 63% chance at the end of February, according to the CME Fedwatch tool. Lower interest rates reduce the opportunity cost of holding non-yielding metals and put pressure on the dollar, making gold less expensive for foreign buyers, especially after Fed Chairman Jerome Powell also indicated that a rate cut could come this year.

Investors are currently waiting for the US employment report to be released today (March 8) to continue to have more information for forecasting the timing of the Fed's interest rate cut...

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