SJC gold bars remain at nearly 79 million VND

On the morning of February 24, domestic gold prices remained high despite a decrease compared to yesterday. For example, Phu Nhuan Jewelry Company (PNJ) bought SJC gold bars at VND76.5 million and sold them at VND78.7 million, unchanged from yesterday. Meanwhile, Mi Hong store (HCMC) bought SJC gold bars at VND77 million and sold them at VND78 million, an increase of VND300,000 compared to the end of yesterday. However, compared to the beginning of February 23, domestic gold prices have decreased by VND300,000 - VND400,000.

Similarly, PNJ's 24K gold ring (equivalent to 4 9s) is also maintained at a buying price of 63.35 million VND and a selling price of 64.5 million VND. The difference in buying and selling prices of SJC gold bars at stores also fluctuates from 1 - 2.2 million VND/tael and 24K gold rings are nearly 1.2 million VND.

Domestic gold price on the morning of February 24 is still hovering near 79 million VND

The world gold price increased again, reaching 2,036.3 USD/ounce, 10 USD higher than yesterday morning. The precious metal increased due to the weakening of the USD and the increased demand for safe-haven assets when tensions in the Middle East escalated.

U.S. Treasury yields also fell last week, making gold, which is priced in the greenback, cheaper for overseas buyers. Gold’s rise was largely driven by a slightly weaker U.S. dollar and a lot of safe-haven buying despite the current high rates, said Bob Haberkorn, senior market strategist at RJO Futures.

Investors seem to have bet on the possibility that the Federal Reserve (Fed) will start cutting interest rates from June, especially after the release of the agency's January meeting report and many statements from Fed members. Previously, a series of data showed that inflation in the US remained high, above 3% and far from the Fed's desired 2% target, and Fed officials said that more time was needed to implement a looser monetary policy...

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