| Gold price today increased sharply like never before, SJC gold exceeded 82.20 million VND/tael. 999.9 gold ring price increased by millions, the market is selling for 71.12 million VND/tael. |
Gold price domestic
At noon on March 11, the price of SJC gold traded at Saigon Jewelry Company in Ho Chi Minh City was around VND80.00 - 82.00 million/tael, down VND50,000/tael for buying and VND50,000/tael for selling compared to yesterday's closing price. The difference between buying and selling prices narrowed to VND2 million/tael.
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The price at Saigon Jewelry Company in Hanoi is around 80.00 - 82.02 million VND/tael, down 50 thousand VND/tael for buying and 50 thousand VND/tael for selling compared to yesterday's closing price. The difference between buying and selling narrowed to 2 million VND/tael.
The price of SJC gold bars at Bao Tin Minh Chau Company is trading around 80.05 - 81.90 million VND/tael, down 50 thousand VND/tael for buying and down 50 VND/tael for selling compared to the previous closing price.
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At Phu Quy Group, the price of SJC gold bars is currently trading around 80.00 - 81.90 million VND/tael for buying and selling, down 100,000 VND/tael for buying and down 100,000 VND/tael for selling compared to yesterday.
The price of SJC gold bars at Bao Tin Manh Hai Company is trading around 80.05 - 81.90 million VND/tael, down 50 thousand VND/tael for buying and down 50 VND/tael for selling compared to the previous closing price.
In addition, the price of 999.9 gold rings (24k) today continues to increase. Specifically, the price of Thang Long dragon gold bars and plain round rings at Bao Tin Minh Chau Company is traded at 70.08 - 71.38 million VND/tael for buying - selling, an increase of 260 thousand VND/tael for buying and an increase of 260 thousand VND/tael for selling compared to yesterday.
Thang Long 999.9 (24k) gold jewelry is trading around 69.55 - 71.05 million VND/tael, an increase of 250 thousand VND/tael for buying and 250 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 69.98 - 71.28 million VND/tael for buying and selling, up 150 thousand VND/tael for buying and up 150 thousand VND/tael for selling compared to yesterday's closing price.
The price of 999.9 gold is around 69.25 - 70.95 million VND/tael, an increase of 150 thousand VND/tael for buying and 150 thousand VND/tael for selling compared to yesterday's closing price. The price of 99.9 gold is currently around 69.15 - 70.85 million VND/tael, an increase of 150 thousand VND/tael for buying and 150 thousand VND/tael for selling compared to yesterday's closing price.
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| Gold price traded at Phu Quy Group |
At Phu Quy Group, Phu Quy 999.9 round rings and Phu Quy 999.9 God of Wealth rings are trading around 70.00 - 71.30 VND/tael, an increase of 300,000 VND/tael for buying and 300,000 VND/tael for selling compared to yesterday.
24K 999.9 gold is trading around 69.50 - 70.90 million VND/tael, up 400 thousand VND/tael for buying and up 400 thousand VND/tael for selling compared to yesterday.
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| Gold prices at the beginning of the week had mixed movements, 999.9 gold rings continued to increase, SJC gold decreased slightly |
World gold price
On the international market, the price of gold at noon on March 11 remained at around 2,180 USD/ounce, stable compared to the closing price at the end of the week. Currently, the world gold price converted according to the listed exchange rate is around 65.2 million VND/tael, nearly 4 million VND/tael lower than ring gold and about 16.8 million VND/tael lower than SJC gold.
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| World gold price chart this afternoon |
The main reason for the sharp increase in world gold prices is that investors and the market believe that the US Federal Reserve (Fed) is expected to begin a path of reducing interest rates and the USD index has dropped sharply to 102.74 points.
Not only will the USD weaken, the Fed will begin to reduce interest rates, but the demand for gold from central banks in many countries will also further support the strong upward momentum of gold prices.
In addition, the latest Kitco News weekly gold survey shows that both Wall Street professionals and retail investors are bullish on gold this week, with the majority of survey participants predicting gold will rise or trend sideways this week.
Last week, 14 analysts participated in the Kitco News gold survey. Of those, 43% said gold prices would rise in the near term. Another 14% said gold prices would fall, while the remaining 43% predicted the precious metal would remain flat.
Meanwhile, 296 votes were cast in Kitco’s online poll, with the majority of Main Street investors predicting further gains in gold. Specifically, 173 retail traders, or 58%, expect gold to rise in the near term. Another 67, or 23%, predict gold will fall, while 56, or 19%, see the precious metal moving sideways.
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