On the morning of February 24th, domestic gold prices remained high despite a decrease compared to yesterday. For example, Phu Nhuan Jewelry Company (PNJ) bought SJC gold bars at 76.5 million VND and sold them at 78.7 million VND, unchanged from yesterday. Meanwhile, Mi Hong store (Ho Chi Minh City) bought SJC gold bars at 77 million VND and sold them at 78 million VND, an increase of 300,000 VND compared to the end of yesterday. However, compared to the beginning of February 23rd, domestic gold prices have reversed and decreased by 300,000 - 400,000 VND.
Similarly, PNJ's 24K gold rings (equivalent to 9999 purity) maintained their buying price at 63.35 million VND and the selling price at 64.5 million VND. The difference between the buying and selling prices of SJC gold bars at stores also fluctuated from 1 to 2.2 million VND per tael, and for 24K gold rings, it was nearly 1.2 million VND.
Domestic gold prices on the morning of February 24th remained close to 79 million VND.
World gold prices rose again, reaching $2,036.3 per ounce, $10 higher than yesterday morning. The precious metal's rise was driven by a weakening US dollar and increased demand for safe-haven assets as tensions escalate in the Middle East.
US government bond yields also fell last week, making gold – an asset priced in the greenback – cheaper for buyers in overseas markets. According to Bob Haberkorn, senior market strategist at RJO Futures, gold's rise is primarily due to a slightly weaker dollar and significant safe-haven buying despite the current high exchange rate.
Investors appear to be betting on the possibility that the Federal Reserve (Fed) will begin lowering interest rates in June, especially after the release of the January meeting report and numerous statements from Fed members. Prior to this, a series of data showed that inflation in the US remains high, above 3% and far from the Fed's target of 2%, and Fed officials have indicated that more time is needed to implement a more accommodative monetary policy...
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