| SJC gold price plummets, 999.9 gold ring continues to increase, market sells 66.23 million VND/tael Domestic gold price shows no signs of stopping increasing, SJC gold sells 79.70 million VND/tael |
Gold price domestic
Gold price at noon on March 1, SJC gold price at Saigon Jewelry Company in Ho Chi Minh City was around 77.60 - 79.60, down 100 thousand VND/tael for buying and down 100 thousand VND/tael for selling compared to yesterday's closing price. The difference between buying and selling is up to 2 million VND/tael.
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The price of SJC gold bars traded at Saigon Jewelry Company in Hanoi is around 77.60 - 79.62 million VND/tael, down 100,000 VND/tael for buying and down 100,000 VND/tael for selling compared to yesterday's closing price.
The price of SJC gold bars at Bao Tin Minh Chau Company is trading around 77.70 - 79.50 million VND/tael, down 50 thousand VND/tael for buying and down 150 thousand VND/tael for selling compared to the previous closing price.
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At Bao Tin Manh Hai, SJC gold bars are being traded at 77.55 - 79.55 million VND/tael for buying and selling, down 350 thousand VND/tael for buying and up 50 thousand VND/tael for selling compared to yesterday.
At Phu Quy Group, the price of SJC gold bars is currently trading around 77.70 - 79.60 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.
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 65.48 - 66.58 million VND/tael for buying - selling, an increase of 100 thousand VND/tael for buying, an increase of 100 thousand VND/tael for selling compared to the closing price yesterday.
Thang Long 99.99 (24k) gold jewelry is trading around 65.00 - 66.20 million VND/tael, an increase of 100 thousand VND/tael for buying and an increase of 100 thousand VND/tael for selling compared to yesterday.
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| Gold price traded at Phu Quy Group |
Similarly, Thang Long Gold Dragon blister rings and Kim Gia Bao blister rings are being traded at Bao Tin Manh Hai Company at around 65.59 - 66.69 million VND/tael for buying and selling, an increase of 210 thousand VND/tael for buying and 210 thousand VND/tael for selling compared to yesterday's closing price.
The price of 999.9 gold is around 64.90 - 66.30 million VND/tael, an increase of 200 thousand/tael for buying and 200 thousand/tael for selling compared to yesterday. The price of 99.9 gold is currently around 64.80 - 66.20 million VND/tael, an increase of 200 thousand/tael for buying and 200 thousand/tael for selling compared to yesterday.
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| Gold price traded at Phu Quy Group |
At Phu Quy Group, Phu Quy 999.9 Round Ring and Phu Quy 999.9 God of Wealth are trading around 65.55 - 66.65 VND/tael, an increase of 250 thousand VND/tael for buying and an increase of 250 thousand VND/tael for selling compared to yesterday.
24K 999.9 gold is trading around 64.95 - 65.35 million VND/tael, up 200,000 VND/tael for buying and up 200,000 VND/tael for selling compared to yesterday.
World gold price
On the world market, at noon on March 1 (Vietnam time), on Kitco, the spot gold price was at 2,046 USD/ounce, up 9.52 USD/ounce (+0.42%). Gold futures last traded at 2,052 USD/ounce, up 10.3 USD.
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| World gold price chart this afternoon |
The world gold price is equivalent to nearly 61.2 million VND/tael if converted according to Vietcombank exchange rate, excluding taxes and fees. The difference between domestic and world gold prices is about 18 million VND.
World gold prices increased today as the USD weakened and US inflation data was lower than expected.
The US personal consumption expenditures (PCE) index, the Fed's preferred inflation gauge, rose 0.3% in January, the Commerce Department reported. The core PCE index rose 0.4%. The readings showed January inflation was in line with economists' expectations, keeping the Fed on track to cut interest rates in June.
Some Fed officials say the US economy is still expected to outperform other developed economies around the world, giving the Fed enough basis to maintain higher interest rates for longer.
Gold investors just needed an excuse to buy and they found it, said Tai Wong, an independent metals analyst in New York. He predicted that gold could face technical resistance around $2,065 an ounce.
According to HSBC Bank, gold is considered a safe investment channel in the long term when geopolitical instability increases. Tensions and conflicts in Ukraine and the Middle East will negatively affect the global economy and financial markets.
According to HSBC, gold has played a role as a safe haven over the past two years, but this will continue.
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