Thang Long Dragon gold breaks all records, SJC gold is about to reach 71 million VND.

Thang Long Dragon gold breaks all records, SJC gold is about to reach 71 million VND.

From the early morning of November 21st, the gold market experienced significant upward fluctuations. Among them, Thang Long gold from Bao Tin Minh Chau Gold, Silver and Gemstone Company attracted the most attention, breaking all previous records.

Specifically, at Bao Tin Minh Chau, the price of Thang Long gold is trading at an unprecedented high: 59.78 million VND/ounce – 60.73 million VND/ounce, an increase of more than 200,000 VND/ounce compared to the end of yesterday.

Although both are non-SJC gold, Thang Long Dragon gold is significantly more expensive than PNJ gold from Phu Nhuan Jewelry Joint Stock Company. PNJ gold is currently being bought and sold at: 59.30 million VND/ounce – 60.40 million VND/ounce. It's clear that Thang Long Dragon gold is nearly half a million VND/ounce more expensive than PNJ gold.

While the price of Thang Long gold bars broke all records, heading towards 61 million VND/ounce, the price of SJC gold surged, nearly returning to 71 million VND/ounce. (Illustrative image)

The price of SJC gold has also risen sharply and is heading towards the 71 million VND/ounce mark.

At Bao Tin Minh Chau and PNJ, the price of SJC gold is currently listed at: VND 70.26 million/ounce – VND 70.90 million/ounce, an increase of VND 280,000/ounce, and VND 70.20 million/ounce – VND 70.95 million/ounce.

At Doji Group, the price of SJC gold also increased by nearly 300,000 VND/ounce, heading towards the 71 million VND/ounce mark, trading at 70.25 million VND/ounce – 70.95 million VND/ounce. This is also the price listed by Saigon Jewelry Company – SJC.

The gold market has been quite volatile recently, but currently, the precious metal is gradually regaining its upward trend. The focus of the market is the "heating up" of non-SJC gold.

Since last week, non-SJC gold has seen a stronger upward trend than SJC gold. However, the difference between the buying and selling price of this type of gold remains very high: 950 million VND at Bao Tin Minh Chau and 1.1 million VND at PNJ. Therefore, buying non-SJC gold still carries significant risks for investors.

World gold prices are on a roller coaster.

Domestic gold prices rose sharply while global gold prices continued to fluctuate, sometimes rising sharply, sometimes falling deeply.

Last night, in the US market, gold prices fell sharply due to pressure from rising US Treasury bond yields, while investors awaited the minutes of the Federal Reserve's (FED) final meeting for signals on the central bank's interest rate path.

Spot gold fell 0.1% to $1,978.23 per ounce, recouping earlier losses. Spot gold had risen as high as $1,993.29 on Friday. US gold futures fell nearly 0.2% to $1,981.1.

Bart Melek, head of commodity strategy at TD Securities, said: “Technically, we’ve seen gold hit resistance and then trade back within a range, with slightly higher interest rates being the catalyst here.”

He added that the Fed will maintain its position that monetary policy will depend on inflation and will keep interest rates high for as long as necessary. The Fed's meeting minutes will be released on Tuesday.

Last week's data sparked hopes that the Fed might begin easing monetary conditions sooner than expected after a slowdown in the job market and weaker-than-expected consumer inflation reports. Lower interest rates put downward pressure on the dollar and bond yields, increasing the appeal of non-yielding gold bullion.

Precious metal prices have lost momentum and need new fundamental drivers. Analysts at Kitco Metals said in a report that rising US Treasury yields are driving down the US dollar, and higher crude oil prices are deterring buyers of gold and silver.

The dollar fell nearly 0.5% to a two-and-a-half-month low against a basket of rivals, limiting gold's decline today.

Holdings in the SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, rose 1.5% on Friday. Elsewhere, spot silver fell 1.7% to $23.33 an ounce, while platinum rose 0.3% to $901.60. Palladium gained 2.2% to $1,076.19 an ounce.

However, immediately after the sharp drop in gold prices, bargain-hunting demand emerged, causing the precious metal to quickly reverse course. By this morning's trading session in the Asian market, the world gold price had risen by $11.9/ounce to $1,989.5/ounce. Earlier, gold had touched a low of just $1,965/ounce.

Source: https://www.congluan.vn/vang-rong-thang-long-xo-do-moi-ky-luc-vang-sjc-sap-dat-71-trieu-dong-post273294.html