On the morning of July 9, the price of gold bars at Saigon Jewelry Company - SJC was bought at 66.45 million VND/tael and sold at 67.15 million VND, an increase of 100,000 VND compared to the end of last week. In contrast, SJC reduced the price of 4-number 9 gold rings by 50,000 VND after a week, down to 55.2 million VND and sold at 56.2 million VND. Thus, SJC gold rings are currently cheaper than gold bars of the same brand by nearly 12 million VND per tael.
Today's gold price on the international market stands at 1,925.8 USD/ounce, up 5 USD compared to last weekend. Equivalently converted, world gold is priced at 55.3 million VND/tael (excluding taxes and fees). Currently, SJC gold is still nearly 11.9 million VND higher per tael than the world price , while SJC gold rings are 100,000 VND lower than the world price.
Gold rings are cheaper than the world
The precious metal had a session low of nearly $1,900/ounce this week but rebounded at the end of the week after the US June jobs report. The report released by the US Labor Department on July 7 showed that the world's largest economy created 209,000 non-farm jobs in June - lower than the Dow Jones estimate of 240,000.
The jobs report is seen as key to determining the policy direction of the US Federal Reserve (Fed). In recent days, Fed officials have signaled that they will continue to raise interest rates because inflation is still much higher than the target of 2%.
This also makes many people predict the short-term gold price trend with many different views. The results of the online survey of Kitco News with 483 individual investors participating, 182 people, accounting for 38% said that gold will increase. But on the contrary, there are also 181 people, equivalent to 37% predicting the precious metal will decrease and the remaining 117 people, equivalent to 24%, said that gold will go sideways.
Meanwhile, many analysts are more optimistic. In a Kitco News survey of 19 Wall Street analysts, 10, or 35%, forecast gold prices will rise; five, or 26%, said the precious metal would fall; and four, or 21%, thought gold would trade sideways.
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