In the trading session on January 11, 2025, world gold maintained its upward momentum, reaching a 4-week high. At the same time, the domestic price of SJC gold bars exceeded 86 million VND/tael.
Gold prices continue to rise sharply
Domestic gold prices continue to rise, with the prices of gold bars and gold rings of most brands adjusted up by VND200,000. Currently, the prices of specific brands are as follows:
Gold bars of various brands are currently listed at VND84.7 million/tael for purchase and VND86 million/tael for sale. Notably, Bao Tin Minh Chau gold bars have a VND100,000 higher purchase price than other brands.
At the same time, the price of gold rings of various brands has also increased in both buying and selling directions. Specifically, SJC 9999 gold rings are currently priced at VND84.7 million/tael for buying and VND86 million/tael for selling, an increase of VND200,000 in both directions compared to the previous morning.
DOJI in Hanoi and Ho Chi Minh City markets has adjusted up 300,000 VND in both buying and selling prices, currently reaching 85.1 million VND/tael and 86.3 million VND/tael, respectively.
Meanwhile, PNJ brand listed the price of gold rings at 85.1 million VND/tael for buying and 86.2 million VND/tael for selling, up 300,000 VND and 200,000 VND respectively.
At Bao Tin Minh Chau, the buying price of plain round gold rings is 85.1 million VND/tael and the selling price is 86.4 million VND/tael, also increasing by 200,000 VND in both directions.
Phu Quy SJC recorded the buying price of gold rings at 84.9 million VND/tael and the selling price at 86.2 million VND/tael, an increase of 200,000 VND each way.
World gold price developments
According to Kitco, at 5 a.m. this morning, Vietnam time, the world spot gold price was recorded at 2,688.85 USD/ounce, up 0.72% compared to the previous day. When converted according to the free USD exchange rate (25,742 VND/USD), the world gold price reached about 83.4 million VND/tael (excluding taxes and fees), lower than the domestic SJC gold bar price by about 2.8 million VND/tael.
Gold prices rose again as policy uncertainty from the US administration increased the appeal of the precious metal, despite better-than-expected US jobs data.
Gold prices fell slightly to $2,663.09 an ounce after a report showed the U.S. added 256,000 jobs last month, higher than the forecast of 160,000. The unemployment rate was recorded at 4.1%, lower than the forecast of 4.2%.
However, gold prices quickly recovered, reaching their highest level since December 12, heading for a gain of more than 1.7% for the week.
"The move in gold prices reflects the fear of selling by investors; the experience of previous strong rallies has changed the strategies of many traders," said Tai Wong, an independent metals trader.
The dollar rose, while US stock futures fell sharply after the jobs report. The market predicted the Fed would cut interest rates by only 30 basis points this year, instead of the 45 basis points previously forecast.
"Gold continues to rally on the back of a stronger-than-expected jobs report... Another factor supporting gold is the uncertainty ahead of the US presidential inauguration," said David Meger, director of metals trading at High Ridge Futures.
Ahead of President-elect Donald Trump's inauguration on January 20, markets are concerned that his import tariff announcements could fuel inflation and limit the Fed's ability to cut interest rates.
Although seen as a hedge against inflation, bullion becomes less attractive when interest rates rise.
Spot silver rose 0.9% to $30.38 an ounce; platinum fell 0.2% to $959.10, while palladium rose 2.2% to $943.93. All three metals were on track for weekly gains.
Viet Anh (t/h)
Source: https://doanhnghiepvn.vn/kinh-te/gia-vang-ngay-11-1-2025-sjc-chinh-thuc-vuot-moc-86-trieu-dong/20250111085635996
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