Gold rings and gold bars hit new peaks

Gold rings exceed 71 million VND, gold bars reach 82 million VND

Throughout the afternoon of March 9, Bao Tin Minh Chau Company continuously increased the price of gold rings by 40,000 - 60,000 VND per tael each time, the company's buying price increased to 69.73 million VND, selling price 71.03 million VND. In less than 2 days, Bao Tin Minh Chau Company has increased the price of gold rings by 2.15 million VND per tael and become the unit with the highest price of gold rings on the market today.

Next is Doji Group with the second highest selling price of gold rings, at 70.9 million VND/tael, and the buying price is 69.6 million VND/tael. Doji Group continuously increases the price of gold rings with each jump from 100,000 - 200,000 VND per tael, bringing the total increase to 1.3 million VND/tael compared to the opening price of the day. Meanwhile, Saigon Jewelry Company - SJC increased the price of gold rings by nearly 1.5 million VND/tael in the past 2 days, the buying price is 68.35 million VND, the selling price is 69.7 million VND...

Tăng suốt buổi chiều: Vàng nhẫn, vàng miếng cùng lập đỉnh mới- Ảnh 1. — Gold ring price increases rapidly

The price of gold rings has fluctuated sharply, reaching a peak when the gold supply in the market has not shown any signs of improvement. Meanwhile, those who bought gold rings have made big profits so far. For example, those who bought gold rings in early March now make a profit of about 3 million VND/tael.

On the other hand, after reaching a peak of VND82.2 million/tael, SJC gold bars have decreased by VND200,000 per tael. SJC Company bought at VND79.5 million and sold at VND82 million; Doji Group bought at VND79.45 million and sold at VND81.95 million; Bao Tin Minh Chau Company bought at VND79.65 million and sold at VND81.9 million... The buying and selling prices of SJC gold bars of business units have increased by about VND2.5 million/tael instead of VND2 million/tael before. SJC gold bars are currently about VND11 - 12 million/tael higher than gold rings.

Increased all afternoon 9.3: Gold rings hit new peak

Price Forecast

The domestic gold market fluctuated strongly when the international gold price increased to a record level of 2,195 USD/ounce. According to gold expert Duong Anh Vu, the world gold price only adjusted slightly and headed towards 2,265 USD/ounce in March. Regarding fundamental information analysis, the change in the US labor market was the focal point of last week. In the speech of the Chairman of the US Federal Reserve (Fed), the Fed was not ready to lower interest rates. The US economy is showing certain weaknesses, from manufacturing activities to the real estate market. Mr. Powell even warned about the difficult situation of banks if they are involved in commercial real estate loans.

Therefore, although the Fed did not lower interest rates at its March meeting, there is a possibility of an adjustment in June. The US monetary easing policy will be the main factor supporting gold prices, which can create momentum for this precious metal to break out further. Regarding the world price, Mr. Duong Anh Vu said that it is possible to buy when the domestic gold price adjusts to 81.5 million VND/tael and sell when it reaches 85 million VND/tael.

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

The latest Kitco News weekly gold survey shows that bullish sentiment has taken over Wall Street and Main Street this week. A majority of those polled on both sides see gold rising or moving sideways next week. Of the 14 analysts polled, six, or 43%, see higher prices next week, while six see prices moving sideways. Only two, or 14%, see lower prices for the precious metal.

Meanwhile, 296 votes were cast in Kitco's online poll, with the majority of Main Street investors also predicting further gains in gold prices. 173 retail traders, or 58%, expect gold to rise next week. Another 67%, or 23%, predict lower prices, while 56 respondents, or 19%, are neutral on the precious metal's near-term outlook.

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