Gold rings are extremely expensive, reaching 70 million VND

On the morning of March 9, the price of gold bars at Saigon Jewelry Company - SJC was bought at 79.7 million VND/tael, sold at 82.2 million VND. Compared to yesterday morning, each tael of SJC gold bar decreased by 100,000 VND in buying price but increased by 400,000 VND in selling price, setting a new record.

The price of 4-9 gold rings at SJC increased sharply by 850,000 VND after one day and reached a new all-time high. Specifically, SJC bought gold rings for 67.85 million VND and sold for 68.25 million VND. Meanwhile, Bao Tin Minh Chau Company bought for 68.58 million VND and sold for 69.78 million VND, an increase of 700,000 VND...

Gold prices simultaneously set new records on the morning of March 9

The world gold price continued to increase to 2,179.6 USD/ounce. Even the gold futures contract reached 2,185 USD/ounce. The precious metal continued to record new records after the report showed that the unemployment rate in the US increased and wage growth was moderate despite the acceleration of job growth in February.

Gold price on the morning of March 9, 2024: Gold bars surpass the record mark of 82 million VND

Specifically, in February, the US economy created 275,000 jobs, much higher than the forecast of 198,000 jobs from economists and also higher than the 229,000 in January. The unemployment rate increased to 3.9% even though the labor force participation rate remained flat at 62.5%. Wages increased only 0.1% compared to the previous month, lower than the forecast. Compared to the same period last year, wages increased 4.3%, lower than the forecast of 4.4% and also lower than the 4.5% of the previous month. This is a closely watched index because it affects inflation.

The market did not move much on the news, with US stock futures almost flat. However, US government bond yields fell sharply and the US dollar also fell. This supported the strong rise in gold prices.

Speaking to CNBC, Tai Wong, an independent metals trader based in New York, said that the jobs report will be seen as one of the pieces of information that will help the US Federal Reserve (Fed) get on track to start cutting interest rates in June. Gold prices will generally continue to trend higher, although a short-term consolidation may be needed...

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