Gold price domestic
At noon on March 24, the price of SJC gold traded at Saigon Jewelry Company in Ho Chi Minh City was around 78.00 - 80.30 million VND/tael, equal to the buying and selling prices compared to yesterday's closing price. The difference between buying and selling was 2.3 million VND/tael.
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The price at Saigon Jewelry Company in Hanoi is around 78.00 - 80.32 million VND/tael, equal to the buying and selling prices compared to yesterday's closing price. The difference between buying and selling is 2.3 million VND/tael.
The price of SJC gold bars at Bao Tin Minh Chau Company is trading around 78.05 - 79.95 million VND/tael, down 30 thousand VND/tael for buying and down 30 thousand VND/tael for selling compared to the previous closing price.
At Phu Quy Group, the price of SJC gold bars is currently trading around 78.00 - 80.00 million VND/tael for buying and selling, down 40 thousand VND/tael for buying and down 40 thousand VND/tael for selling compared to yesterday.
The price of SJC gold bars at Bao Tin Manh Hai Company is trading around 78.05 - 79.95 million VND/tael, a slight decrease of 30 thousand VND/tael for buying and 30 thousand VND/tael for selling compared to the previous closing price.
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Compared to the end of last week, the price of SJC gold has dropped sharply, "plummeting" to 1.4 million VND per tael. Domestic gold prices have also decreased for the second consecutive week. If calculated from the all-time peak of gold prices at 82.5 million VND/tael, each tael of SJC gold has lost more than 2 million VND/tael.
In addition, the price of 999.9 gold rings (24k) reversed and decreased slightly. Specifically, the price of Thang Long dragon gold bars and plain round rings at Bao Tin Minh Chau Company was traded at 68.33 - 69.63 million VND/tael for buying and selling, down 50 thousand VND/tael for buying and down 50 thousand VND/tael for selling compared to yesterday.
Thang Long 999.9 (24k) gold jewelry is trading around 67.55 - 69.35 million VND/tael, down 50 million VND/tael for buying and down 50 thousand VND/tael for selling compared to yesterday.
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| Gold price traded at Bao Tin Manh Hai |
Similarly, Thang Long Gold Dragon blister rings and Kim Gia Bao blister rings are being traded at Bao Tin Manh Hai Company at around 68.33 - 69.63 million VND/tael for buying and selling, down 50 thousand VND/tael for buying and down 50 thousand VND/tael for selling compared to yesterday's closing price.
The price of 999.9 gold is around 67.35 - 69.35 million VND/tael, down 30 thousand VND/tael for buying and down 30 thousand VND/tael for selling compared to yesterday's closing price. The price of 99.9 gold is currently around 67.25 - 69.25 million VND/tael, down 30 thousand VND/tael for buying and down 30 thousand VND/tael for selling compared to yesterday's closing price.
At Phu Quy Group, Phu Quy 999.9 round rings and Phu Quy 999.9 God of Wealth rings are trading around 68.30 - 69.60 VND/tael, down 30 thousand VND/tael for buying and down 30 thousand VND/tael for selling compared to yesterday.
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| Compared to last weekend, the price of SJC gold "plummeted" to 1.4 million VND/tael, while 999.9 gold ring increased by 200 thousand VND/tael. |
24K 999.9 gold is trading around 67.80 - 69.30 million VND/tael, down 30 thousand VND/tael for buying and down 40 thousand VND/tael for selling compared to yesterday.
While the price of SJC gold continues to decrease, the price of 24K gold rings and jewelry gold of all kinds has increased by VND 200,000/tael compared to last weekend.
World gold price
The world gold price at the end of the week stood at 2,165 USD/ounce, up nearly 10 USD compared to the end of last week. Converted equivalently according to Vietcombank's exchange rate, the world gold price is currently at 65.1 million VND/tael (excluding taxes and fees), about 3.8 million VND/tael lower than gold rings and about 15.1 million VND/tael lower than SJC gold bars.
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| World gold price chart this afternoon |
The world's precious metal hit a weekly peak of over $2,209/ounce after the US Federal Reserve (Fed) announced that it would keep interest rates unchanged at 5.25 - 5.5%. At the same time, Fed members still forecast three interest rate cuts in 2024. This has led investors to increase their expectations that the Fed will start cutting interest rates from June.
Traders are betting on a 71% chance of a U.S. rate cut in June, according to the CME FedWatch Tool. Lower interest rates would make gold buyers more profitable...
Kitco’s survey on gold prices next week also shows a cautious trend among experts. When in the survey on Wall Street, there were 15 analysts participating in the response, of which 40% said gold prices would increase, 27% said gold prices would decrease and up to 33% said gold prices would go sideways.
Meanwhile, in an online survey on Main Street, 170 investors responded with a more optimistic view, with 69% saying gold prices will increase, 15% saying they will decrease and the rest predicting gold prices will stay the same.
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