Gold price is "sizzling", SJC gold reaches over 77 million VND/tael

ANTD.VN - Gold prices continue to skyrocket, SJC gold surpasses 76 million VND/tael at the beginning of trading today in the context of the world market continuing to rise due to expectations of interest rate reduction.

In yesterday's trading session, the price of SJC gold bars had a moment of adjustment in the morning session, with a decrease of about 200 - 300 thousand VND per tael. However, in the afternoon session, this gold brand recovered strongly and even closed the session with an increase of about 100 - 150 thousand VND per tael.

The upward momentum of precious metals continued strongly this morning when a series of jewelry businesses simultaneously pushed the national gold brand price far beyond 76 million VND/tael.

Not only that, the gold price list of enterprises is also constantly adjusted. As of 9:30 am, Saigon Jewelry Company (SJC) increased the price of SJC gold bars by 500 thousand VND per tael compared to yesterday's closing price, listed at 75.30 - 76.32 million VND/tael.

DOJI Group also increased the price of gold bars by 650 thousand VND per tael for buying and 600 thousand VND per tael for selling, to 75.30 - 76.30 million VND per tael.

Phu Quy Group increased 500 thousand VND/tael for buying, increased 400 thousand VND/tael for selling, listed at 75.10 - 76.10 million VND/tael; Bao Tin Minh Chau 75.35 - 76.25 million VND/tael...

Not only that, the gold price list of enterprises is also constantly adjusted. As of 11:30 am, Saigon Jewelry Company (SJC) increased the price of SJC gold bars by 1.4 million VND per tael compared to yesterday's closing price, listed at 76.20 - 77.22 million VND/tael.

DOJI Group also increased the price of gold bars by 1.55 million VND per tael for buying and 1.6 million VND per tael for selling, to 76.20 - 77.30 million VND per tael.

Phu Quy Group increased 1.6 million VND/tael for buying, increased 1.5 million VND/tael for selling, listed at 76.20 - 77.20 million VND/tael; Bao Tin Minh Chau 76.30 - 77.20 million VND/tael...

SJC gold price continuously conquers new peaks

Non-SJC gold today also increased by about 150 - 200 thousand VND per tael. Accordingly, PNJ gold is listed at 61.65 - 62.75 million VND/tael; Bao Tin Minh Chau's Thang Long Dragon Gold is 61.91 - 62.86 million VND/tael; SJC 99.99 rings are 61.70 - 62.75 million VND/tael; DOJI's 99.99 round rings are 61.90 - 62.85 million VND/tael...

Domestic gold prices continued to break historical peaks while world gold prices moved positively. In the trading session on December 21 (last night, early this morning Vietnam time), US spot gold prices increased by 0.7% to 2,044.30 USD/ounce, US gold futures increased by 0.49% to 2,044.50 USD/ounce.

Precious metals markets rose after US economic data raised expectations the Federal Reserve will cut interest rates in March next year.

Specifically, revised statistics from the US Department of Commerce showed that the country's gross domestic product (GDP) grew at a 4.9% annual rate in the third quarter, down from the 5.2% increase reported in the previous release. In addition, weekly data from the US Department of Labor showed that the number of initial unemployment claims increased slightly.

Weakness in economic data strengthens the case for an early interest rate cut by the Fed, which would put downward pressure on the US dollar and support gold prices, an asset priced in US dollars.

Gold was also supported by the recent decline in US Treasury yields, with the yield on the 10-year note falling below 3.9%, a five-month low.

Additionally, investors are eagerly awaiting the Personal Consumption Expenditures (PCE) index report due out on Friday (tonight Vietnam time) and the market appears to be betting that the report will confirm easing inflation.

If inflation expectations fall faster than economists forecast, gold prices are expected to continue to hit new highs.

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