SJC gold bars regain 76 million VND/tael mark

Each tael of SJC gold bar is currently listed by large enterprises at 73.5-76 million VND/tael (buy - sell), an increase of 700,000 VND compared to the opening price yesterday morning. The difference between buying and selling is still maintained at 2.5 million VND - a large gap compared to the usual level of only a few hundred thousand VND per tael.

Ring gold also increased in price but at a lower level, listed at 62.2-63.3 million VND/tael (buy - sell), an increase of 200,000 VND in both buying and selling compared to the opening price this morning.

In the international market, the price of gold increased sharply by 14 USD to over 2,048 USD/ounce. Converted according to the exchange rate excluding taxes and fees, this level is equivalent to 60.8 million VND/tael. Thus, the difference in the price of gold bars in the country and the world is 15.2 million VND.

Compared to yesterday's opening session, each tael of SJC gold bar increased by 700,000 VND in both buying and selling (Photo: Viet Duc).

The latest report released by the US Department of Labor showed that the CPI in December 2023 increased more strongly than expected, with an increase of 0.3% compared to the previous month and an increase of 3.4% compared to the same period in 2022.

After the CPI report was released, the market reduced expectations that the US Federal Reserve (Fed) would cut interest rates from next March. In addition, the US Department of Labor also reported that the producer price index (PPI) in December 2023 decreased by 0.1% compared to the previous month and increased by 1% compared to 2022.

Kitco's Jim Wyckoff said gold prices rose sharply due to increased demand for safety following news of US and UK airstrikes against rebels in Yemen. Gold prices rose sharply following this series of news.

TD Securities commodity strategist Bart Melek said that rising geopolitical risks are pushing gold prices higher, while the Fed may be ready to start easing its restrictive monetary policy. He added that falling US producer price index (PPI) data was also a significant catalyst for prices.

Forecasting the direction of gold this year, HSBC analysts said that the weakening of the US dollar pushed gold to a record high in the final month of 2023, but the precious metal is likely to decline this year.

According to the bank's currency analysts, if the rate cut scenario happens, gold will rise. However, the market's over-optimism about the possibility of a rate cut could also create new bullish momentum for the USD. In addition, higher real interest rates will also create another "headwind" for this precious metal.

Exchange rate increased slightly

The USD-Index - an index measuring the greenback's strength against a basket of major currencies - continued to recover, currently at 102.2 points, up 2.51% from the bottom in July.

The central exchange rate this morning was listed by the State Bank at 23,976 VND/USD, unchanged from yesterday. With the current 5% band, the USD price at commercial banks is allowed to fluctuate from 22,777 VND to 25,174 VND.

Major banks listed the buying and selling rates at 24,260-24,630 VND/USD (buying and selling), up 60 VND each way. At joint stock banks, the price was 24,240-24,640 VND/USD, up 40 VND each way.

On the free market, the USD price is at 24,750-24,850 VND/USD, unchanged from yesterday.

Source: https://dantri.com.vn/kinh-doanh/vang-mieng-sjc-lay-lai-moc-76-trieu-dongluong-20240113073420702.htm