Not yet over the heat, SJC gold price increased sharply at the beginning of the week

12/25/2023 10:07 Nhat Linh Print article

ANTD.VN - Domestic gold prices continued to increase sharply early this week while international markets in many countries were on Christmas holiday.

Last week, domestic gold prices experienced strong fluctuations when there was a session where the price fluctuation range for SJC gold increased to 1.6 million VND/tael. At the end of the week, the price of SJC gold brand increased by a total of about 2.7 million VND/tael. Meanwhile, 99.99 gold rings also increased by about 1 million VND/tael.

Globally, gold prices also increased but to a more limited extent than SJC gold. Spot gold on the Kitco floor closed the weekend trading session at $2,052/ounce, up 0.36%. Gold futures for February 2024 delivery on the Comex floor in New York traded at $2,064/ounce.

Opening the new trading session of the week, while many major markets in the US and Europe are on Christmas holidays, domestic gold prices continue to rise strongly.

SJC gold price is still hot

Specifically, as of 10:00 a.m., SJC gold was listed by Saigon Jewelry Company (SJC) at 76.20 - 77.22 million VND/tael, an increase of 500,000 VND/tael for buying and 300,000 VND/tael for selling compared to the closing price at the end of last week.

DOJI Group also adjusted the price of SJC gold to increase by 300,000 VND per tael for buying and 200,000 VND per tael for selling compared to the previous closing price, to 76.00 - 77.20 million VND per tael.

Phu Quy Group increased 350 thousand VND/tael for buying and 200 thousand VND/tael for selling, listed at 76.15 - 77.15 million VND/tael;

Bao Tin Minh Chau also listed at a sky-high price this morning, at 76.20 - 77.13 million VND/tael...

Meanwhile, non-SJC gold prices are quite stable, basically not increasing compared to last weekend. In particular, SJC 99.99 rings are listed at 61.95 - 63.00 million VND/tael; PNJ Gold is listed this morning at 61.90 - 62.95 million VND/tael; Bao Tin Minh Chau's Thang Long Dragon Gold is 62.43 - 63.38 million VND/tael...

According to experts, the large difference in domestic SJC gold price compared to world gold price (up to more than 15 million VND per tael higher) is due to the scarcity of gold bars. Since Decree 24/2012 was issued, the State Bank has had a monopoly on importing raw gold, but since then, this agency has not imported any more gold; meanwhile, the demand for SJC gold has increased recently when other investment channels have low profitability.

The precious metals market has rallied strongly on expectations that the Fed will soon cut interest rates. The US personal consumption expenditures (PCE) price index - the Fed's preferred inflation gauge - fell 0.1% in November from the previous month, the first decline since April 2020. Compared to the same period last year, the PCE increased 2.6% in November, after increasing 2.9% in October 2023.

This sign shows that inflation is under control, avoiding an economic recession and is also one of the important factors to determine the Fed's interest rate cut roadmap early next year.

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