| Gold price today increased by another 500 thousand, 999.9 gold ring exceeded 69 million VND/tael Gold price today increased strongly like never before, SJC gold exceeded 82.20 million VND/tael |
Domestic gold price
Last week, the domestic and international gold markets witnessed a fever. The world gold price, SJC gold price, and plain round gold ring price continuously broke records that were never seen before in history. However, there was a surprising thing that while gold rings brought profits, SJC gold caused buyers to lose money.
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At noon on March 10, the price of SJC gold traded at Saigon Jewelry Company in Ho Chi Minh City was around 79.50 - 82.00 million VND/tael, down 200,000 VND/tael for buying and down 200,000 VND/tael for selling compared to yesterday's closing price. The difference between buying and selling was up to 2.5 million VND/tael.
The price at Saigon Jewelry Company in Hanoi is around 79.50 - 82.02 million VND/tael, down 200 thousand VND/tael for buying and down 200 thousand VND/tael for selling compared to yesterday's closing price. The difference between buying and selling is up to 2.5 million VND/tael.
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The price of SJC gold bars at Bao Tin Minh Chau Company is trading around 79.70 - 81.90 million VND/tael, down 250 thousand VND/tael for buying and down 200 VND/tael for selling compared to the previous closing price.
At Phu Quy Group, the price of SJC gold bars is currently trading around 79.70 - 82.00 million VND/tael for buying and selling, down 200,000 VND/tael for buying and down 200,000 VND/tael for selling compared to yesterday.
The price of SJC gold bars at Bao Tin Manh Hai Company is trading around 79.70 - 81.90 million VND/tael, down 250,000 VND/tael for buying and down 200 VND/tael for selling compared to the previous closing price.
In addition, the price of 999.9 gold rings (24k) increased sharply today. Specifically, the price of Thang Long dragon gold bars and plain round rings at Bao Tin Minh Chau Company was traded at 69.82 - 71.12 million VND/tael for buying and selling, an increase of 900 thousand VND/tael for buying and an increase of 950 thousand VND/tael for selling compared to yesterday.
Thang Long 999.9 (24k) gold jewelry is trading around 69.30 - 70.80 million VND/tael, an increase of 900 thousand VND/tael for buying and 900 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 69.82 - 71.12 million VND/tael for buying and selling, an increase of 950 thousand VND/tael for buying and 900 thousand VND/tael for selling compared to yesterday's closing price.
The price of 999.9 gold is around 69.30 - 70.80 million VND/tael, an increase of 850 thousand VND/tael for buying and 850 thousand VND/tael for selling compared to yesterday's closing price. The price of 99.9 gold is currently around 69.20 - 70.70 million VND/tael, an increase of 850 thousand VND/tael for buying and 850 thousand VND/tael for selling compared to yesterday's closing price.
At Phu Quy Group, Phu Quy 999.9 round ring, Phu Quy 999.9 God of Wealth is trading around 69.70 - 71.00 VND/tael, an increase of 850 thousand VND/tael for buying and 850 thousand VND/tael for selling compared to yesterday.
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| Gold price traded at Phu Quy Group |
24K 999.9 gold is trading around 69.00 - 70.60 million VND/tael, up 750 thousand VND/tael for buying and up 950 thousand VND/tael for selling compared to yesterday.
The gold market is in a “fever” as gold prices continue to rise, reaching their highest level in history. Savings interest rates are low, many people are switching from saving to buying gold, causing the demand for gold to increase, promoting the price of gold to increase.
World gold price
According to Kitco, the world gold price recorded at 11:00 am today (Vietnam time) was at 2,179 USD/ounce. Converted according to the current exchange rate at Vietcombank, the world gold price is about 64,065 million VND/tael (excluding taxes and fees).
Thus, the price of SJC gold bars is still 15.435 million VND/tael higher than the international gold price.
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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 roadmap to reduce 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 further support the strong upward momentum of gold prices.
Chris Vecchio, Director of Futures & Forex at Tastylive.com, said he also exited his gold trade, saying the market needed some time to “breathe.”
This is just the beginning of gold’s recovery, he said; however, he added that it is important to recognize when to take profits.
“People are talking about gold at a record high in US dollar terms, but it’s also at a record high in every other currency. It’s not just a dollar story. This is a global issue that’s supporting the market. Gold seems to be moving in anticipation of the fact that we’re going to have lower interest rates around the world. At the same time, debt levels everywhere are rising to unsustainable levels,” he said.
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