SJC gold prices are rising slowly.
Approximately half a month has passed since the price of SJC gold reached its peak of 71.6 million VND/ounce. After reaching its peak, the main trend for SJC gold has been a slight decline, trading below the 71 million VND/ounce mark.
On the morning of October 28th, this precious metal regained the important mark of 71 million VND/ounce, albeit at a much slower pace than world gold prices.
Specifically, at Phu Nhuan Jewelry Company (PNJ), the price of SJC gold is trading at 70.1 million VND/ounce - 71 million VND/ounce, an increase of 200,000 VND/ounce compared to the end of yesterday. Thus, the buying price has returned to the 70 million VND mark and the selling price has returned to 71 million VND.
Global gold prices surged, reclaiming the crucial $2,000/ounce mark, but SJC gold prices only increased slightly and became record-low compared to world gold prices. (Illustrative image)
The price of SJC gold at Saigon Jewelry Company (SJC) also followed a similar trend. SJC gold was bought and sold at: 70.20 million VND/ounce – 71 million VND/ounce.
The Doji Group also adjusted the price of SJC gold upwards by 200,000 VND/ounce to 70.10 million VND/ounce – 71 million VND/ounce. At Bao Tin Minh Chau, the price of SJC gold traded at 70.22 million VND/ounce – 71 million VND/ounce, also an increase of 200,000 VND/ounce.
It can be seen that the price of SJC gold does not vary much between different stores. However, the price of non-SJC gold is "chaotic".
At Bao Tin Minh Chau, the exchange rate for Thang Long gold is 58.43 million VND/ounce – 59.38 million VND/ounce. At PNJ, the buying and selling price of PNJ gold is 58.70 million VND/ounce – 59.95 million VND/ounce, half a million VND/ounce higher than Thang Long gold.
SJC gold prices hit a record low.
Gold prices rose higher and were on track for a third consecutive weekly gain on Friday, supported by continued safe-haven demand driven by tensions in the Middle East, while investors awaited the Federal Reserve's policy meeting next week.
Spot gold rose 0.5% to $1,993.69 per ounce and gained 0.7% for the week. US gold futures rose 0.1% to $1,998.50. After hours, the precious metal continued to heat up, reaching $2,005.6 per ounce.
At the world gold price of $2,005.6 USD/ounce, the converted price of SJC gold is approximately VND 59.54 million per tael. Thus, SJC gold is "only" about VND 11.54 million per tael more expensive than the world gold price. In the first few months of 2023, the common price difference between the two markets fluctuated around VND 13-14 million per tael. At times, SJC gold was even VND 15 million per tael more expensive than the world gold price. Even so, a difference of VND 11.54 million per tael is still a very significant amount.
Tai Wong, an independent metals trader based in New York, said gold has held onto almost all of the recent gains because the market remains extremely concerned about conflict in the Middle East.
Israeli forces launched their largest ground offensive in Gaza during the 20-day war with Hamas overnight as Arab nations condemned the shelling. Safe-haven gold bullion has risen by about 8%, or more than $140, since the war began on October 7.
Daniel Ghali, commodity strategist at TD Securities, said: “If the conflict escalates, there will be prospects for further buying of safe-haven assets… Gold investors will also be watching the outlook for US Treasury yields.”
The Federal Open Market Committee meeting will take place from October 31 to November 31. On January 1, traders expect a 98% chance that the US central bank will keep interest rates unchanged.
Ghali added: “In our view, the Fed is very likely to end its tightening campaign, and this has already been priced in the gold market.”
Data shows that US consumer spending increased more than expected in September, helping the country continue its stronger growth in the fourth quarter.
In the physical market, gold purchases during India's major festival season improved this week, albeit at a slower pace than last year, due to near-record high domestic prices.
Spot silver rose 0.1% to $22.86 per ounce and is set for a weekly decline.
Platinum was stable at $900.24 and palladium lost 1.3% to $1,118.39, both metals on a weekly upward trend.
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