SJC gold increased to 72.12 million VND/tael

SGGPO November 25, 2023 09:42

The price of SJC gold bars and Four-Number 9 gold rings continued to increase sharply over the weekend. If calculated from the beginning of the year until now, the price of SJC gold bars increased by about 3.7 million VND/tael, the price of Four-Number 9 gold rings was more than 7 million VND/tael, nearly double that of SJC gold bars.

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On November 25, the world gold price regained the 2,000 USD mark, causing the domestic SJC gold price to increase by 300,000 VND/tael compared to the previous day, once again exceeding 72 million VND/tael.

At around 9am in Ho Chi Minh City, PNJ Company quoted SJC gold price at 71.2 million VND/tael for buying and 72 million VND/tael for selling, an increase of 200,000 VND for both buying and selling.

At the same time in Hanoi , SJC Company also increased the price of SJC gold by 100,000 VND for buying and 300,000 VND for selling to 71.1 million VND/tael for buying and 72.12 million VND/tael for selling.

The price of Four 9 gold rings was also increased by 150,000 VND/tael compared to the previous day. Specifically, PNJ gold rings were increased by PNJ Company to 60.2 million VND/tael for buying and 61.4 million VND/tael for selling, an increase of 100,000 VND for buying and 150,000 VND for selling. Similarly, SJC gold rings were increased by SJC Company to 60.2 million VND/tael for buying and 61.4 million VND/tael for selling, an increase of 50,000 VND for buying and 100,000 VND for selling.

The world gold price has increased beyond the threshold of 2,000 USD/ounce with the driving force coming from the US PMI index. Specifically, statistics from S&P Global Flash show that the US manufacturing PMI data has decreased from 50 in October 2023 to 49.4. In addition, the gold price is also supported by information that investors believe that the US Federal Reserve (Fed) has completed raising interest rates, causing the USD in the market to decrease in value, thereby supporting the increase in gold prices because this precious metal does not carry interest rates.

World analysts say the gold price will remain around the $2,000/ounce mark and will not be able to break out quickly until the Fed cuts interest rates in the near future.

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