On the morning of March 9th, the price of gold bars at Saigon Jewelry Company (SJC) was 79.7 million VND/ounce for buying and 82.2 million VND/ounce for selling. Compared to yesterday morning, each ounce of SJC gold decreased by 100,000 VND in the buying price but increased by 400,000 VND in the selling price, setting a new record.
Specifically, the price of 9999 gold rings at SJC surged by 850,000 VND in just one day, reaching its highest point in history. SJC bought gold rings at 67.85 million VND and sold them at 68.25 million VND. Meanwhile, Bao Tin Minh Chau Company bought them at 68.58 million VND and sold them at 69.78 million VND, an increase of 700,000 VND...
Gold prices hit new record highs across the board on the morning of March 9.
World gold prices continued to rise to $2,179.6 per ounce. Gold futures contracts even reached $2,185 per ounce. The precious metal continued to record new record highs after reports showed that the US unemployment rate increased and wage growth remained moderate, despite accelerated job growth in February.
Gold prices on the morning of March 9, 2024: Gold bars surpass the record mark of 82 million VND.
Specifically, in February, the US economy added 275,000 jobs, significantly higher than the 198,000 jobs forecast by economists and also higher than the 229,000 in January. The unemployment rate rose to 3.9%, although the labor force participation rate remained flat at 62.5%. Wages increased by only 0.1% compared to the previous month, lower than forecasts. Compared to the same period last year, wages increased by 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 indicator because it impacts inflation.
The market remained relatively stable following the news, with US stock futures trading mostly flat. However, US government bond yields fell sharply and the US dollar weakened. This supported a significant rise in gold prices.
Speaking on CNBC, Tai Wong, an independent metals trader based in New York, suggested that this jobs report would be seen as one of the pieces of information that would help the US Federal Reserve (Fed) get on track in June as it begins to cut interest rates. Gold prices will generally continue to trend higher, although a short-term consolidation may be necessary...
Source link
Comment (0)