SJC gold price is "hot" again, heading towards the mark of 71 million VND/tael

SJC gold price is heading towards 71 million VND/tael

After reaching the “peak” of 71.6 million VND/tael, the price of SJC gold quickly cooled down, not only losing the 71 million VND/tael mark but also at risk of losing the 70 million VND/tael mark in the selling direction. However, after several consecutive sessions of decline, the price of SJC gold has “heated up” again, increased sharply and headed towards the 71 million VND/tael mark once again.

Right from the opening hour, Doji Group adjusted the price of SJC gold up by 150,000 VND/tael to 69.55 million VND/tael – 70.45 million VND/tael. The difference between buying and selling prices at Doji was at its highest, up to 900,000 VND/tael.

Saigon Jewelry Company – SJC also has a selling price of SJC gold of 70.45 million VND/tael like Doji Group. However, the buying price at SJC is 200,000 VND/tael higher, reaching 69.75 million VND/tael.

SJC gold price increases again to 71 million dong, image 1 — The conflict in Gaza is becoming more and more tense, causing the price of SJC gold to "heat up" again, heading towards the 71 million VND/tael mark. Photo: Getty Images

Phu Nhuan Jewelry Company is listing the price of SJC gold at: 69.70 million VND/tael - 70.35 million VND/tael, an increase of 150,000 VND/tael. At Bao Tin Minh Chau Jewelry Company, the price of SJC gold was adjusted up 130,000 VND/tael to 69.76 million VND/tael - 70.43 million VND/tael.

Non-SJC gold prices also accelerated. At Bao Tin Minh Chau, the buying and selling price of Thang Long Dragon gold was: 57.48 million VND/tael - 58.43 million VND/tael. At PNJ Company, the trading price of PNJ gold was: 57.40 million VND/tael - 58.40 million VND/tael.

Although the gold market is fluctuating strongly, this precious metal has not yet attracted the attention of investors because gold is considered a risky channel at the present time because the difference between buying and selling prices and the difference between SJC gold price and world price is very high.

World gold price hits 2-month "peak"

Domestic gold prices are heading towards the 71 million VND/tael mark as world gold prices are surging and reaching a 2-month "peak".

Gold rose to its highest in more than two months on Wednesday as escalating conflict in the Middle East sent investors flocking to the safe-haven metal.

Spot gold rose 1% to $1,950.67 an ounce, after hitting its highest since Aug. 1. U.S. gold futures settled up 1.7% at $1,968.3.

“Gold could hit $2,000 in the near term if geopolitical tensions escalate. Also, a pause in the Fed rate hikes or hints at lower rates in the future would be viewed positively,” said Ryan McIntyre, senior portfolio manager at Sprott Asset Management.

Gold, seen as a safe store of value during times of political and financial uncertainty, has gained more than 5% so far in October. Wall Street's major stock indexes have fallen amid risk aversion.

“Gold will pull back if the situation in the Middle East eases, but right now the market is expecting further escalation,” said Jim Wyckoff, senior analyst at Kitco Metals.

About 500 Palestinians were killed in an explosion at a hospital in Gaza City on Tuesday.

With the dollar maintaining its bullish bias and bond yields rising again, it won't take much to push gold prices back down, Fawad Razaqzada, market analyst at City Index, wrote in a note.

Focus is also on a speech by Federal Reserve Chairman Jerome Powell on Thursday, which could provide some clarity on the Fed's interest rate path following recent dovish comments from some US policymakers.

Ole Hansen, head of commodity strategy at Saxo Bank, stressed in a note that asset managers, many of whom trade gold through exchange-traded funds (ETFs), continue to focus on the strength of the US economy, rising bond yields and the possibility of another delay in the peak price.

Spot silver rose 0.2% to $22.87, platinum fell 1.4% to $884.89 and palladium fell 1% to $1,132.61.

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