Gold price hits 111 million VND per tael

Price of SJC gold bars and gold rings sold on the market from the beginning of the year to 10:30 on April 16

At 10:30 a.m. on April 16, the price of each tael of SJC gold bar increased sharply to the range of 108.5 - 111 million VND. In total, brands increased the buying and selling price of gold bars by 3 million VND/tael this morning.

The price of gold rings also increased sharply by 5 million VND per tael after two adjustments, reaching approximately the same price as gold bars. Accordingly, SJC listed the price of gold rings from 108 - 110.5 million VND/tael. Bao Tin Minh Chau bought and sold gold rings at 108.3 - 111 million VND/tael.

Earlier, at the opening of the day, Saigon Jewelry Company (SJC) announced the price of gold bars at 106.8 - 109.8 million VND/tael, an increase of 1.3 million VND for buying and 1.8 million VND for selling compared to the end of yesterday.

Several other major brands also listed corresponding gold bar prices. At Mi Hong, gold bars are bought and sold at 107.5 - 110.5 million VND/tael. The difference between buying and selling prices widened to 3 million VND/tael.

At the same time, SJC raised the price of gold rings to 105.3 - 108.8 million VND/tael, 2.3 million VND higher for buying and 2.8 million VND higher for selling compared to yesterday. Bao Tin Minh Chau raised the price of gold rings to 106.5 - 109.5 million VND/tael.

Compared to the beginning of the year, the price of each tael of gold increased by nearly 22 million VND. Investors who bought gold at the beginning of the year can record a profit of more than 25% up to this point.

Currently, the domestic gold price is also increasing faster than the international gold price. This morning, the domestic gold price is 6-7 million VND per tael higher than the world price, if converted according to the selling rate at Vietcombank (excluding taxes and fees). At 9:00 a.m. Hanoi time, the spot gold price reached a record high of 3,271 USD/ounce, equivalent to 102.5 million VND/tael.

Recently, Goldman Sachs predicted that gold prices could reach $4,000/ounce next year, thanks to buying power from central banks and ETFs in the face of recession risks.

Analysts at Goldman Sachs said central bank gold demand could rise to an average of 80 tons per month this year, up from their previous estimate of 70 tons. Rising recession risks will also boost buying in gold ETFs.

"Recent trading activity suggests that investor demand for safe havens is increasing amid rising recession risks and falling risk asset prices," Goldman Sachs said.

The bank now predicts a 45% chance of a US recession in the next 12 months. If this scenario occurs, gold ETFs will accelerate their purchases, pushing the price to $3,880 an ounce by the end of the year.

TB (summary)

Source: https://baohaiduong.vn/gia-vang-cham-muc-111-trieu-dong-moi-luong-409520.html