SJC gold price increased by 1.6% even though world gold price decreased by 2.4%

SJC gold price increased by 1.6%

Recently, the market has witnessed the outstanding strength of SJC gold. Despite the sharp drop in gold prices, at times losing the 1,900 USD/ounce mark, SJC gold prices still increased significantly and successfully conquered the 68 million VND/tael mark. In the last session of August, this precious metal still maintained its high mark.

SJC gold price at Bao Tin Minh Chau Jewelry Company "closed" August at: 67.67 million VND/tael - 68.25 million VND/tael, up 1.09 million VND/tael for buying, equivalent to 1.64% and up 1.07 million VND/tael for selling, equivalent to 1.59% compared to the last session of July.

At Saigon Jewelry Company – SJC, the price of SJC gold “closed” in August at 67.65 million VND/tael – 68.25 million VND/tael, an increase of more than 1 million VND/tael after 1 month of trading.

Despite the world gold price falling 2.4% in August and recording the third month of decline, SJC gold price still increased 1.6% and surpassed the mark of 68 million VND/tael. Illustrative photo

At Doji Group and Phu Nhuan Jewelry Company – PNJ, SJC has the lowest buying price (67.60 million VND/tael) and the highest selling price (68.30 million VND/tael). Therefore, the difference between buying and selling prices at Doji and PNJ is also the highest, reaching 700,000 VND/tael.

Thus, after a period of buying and losing, in August, gold buyers began to make a profit. If they had bought gold at the end of July, investors would have made a profit of about 500,000 VND/tael.

Meanwhile, the price of non-SJC gold has a much slower growth rate.

At Bao Tin Minh Chau, the price of Thang Long dragon gold increased by 56.36 million VND/tael - 57.21 million VND/tael, 130,000 VND/tael, equivalent to 0.23% in both buying and selling directions.

At PNJ Company, PNJ gold price is traded at 56.30 million VND/tael – 57.50 million VND/tael. The difference between buying and selling price of PNJ gold at PNJ is very high, up to 1.2 million VND/tael. This is a risk for gold buyers.

World gold price decreased by 2.4%

Last night, in the US market, the world gold price closed August at a low level, recording another month of decline, after US inflation as expected and weaker employment numbers reinforced expectations that the US Federal Reserve (FED) will keep interest rates unchanged this year.

Specifically, in the last session of August, gold prices fell 0.36% to $1,965.9/ounce and ended the month 2.16% lower, marking the third negative month in the past four months.

At the world gold price of 1,965.9 USD/ounce, the converted SJC gold price is about 56.13 million VND/tael. Thus, the SJC gold price is about 12.15 million VND/tael more expensive than the world gold price. At the beginning of 2023, this difference was lower, reaching about 11 million VND/tael. It can be seen that the SJC gold price is tending to be more expensive than the world gold price.

Inflation as measured by the personal consumption expenditures (PCE) price index rose 0.2% last month, matching June's increase. In the 12 months through July, the PCE price index rose 3.3%, after rising 3.0% in June.

US consumer spending, which accounts for more than two-thirds of the country's economic activity, accelerated in July.

Weekly initial jobless claims fell 4,000 to 228,000. That compares with the four-week average of 237,500.

Bob Haberkorn, senior market strategist at RJO Futures, said that while the numbers were “not terrible,” they were also “not great” and could mean the Fed will likely pause rate hikes early next year.

Gold is currently in wait-and-see mode and falling bond yields could push bullion prices higher, Haberkorn added.

US Treasury yields were little changed and fell slightly, while the dollar pared brief gains before rebounding following the economic data.

Bets on the Fed keeping rates unchanged in September stand at 88.5%, while bets on a pause in November are at 56%, according to CME Group's FedWatch tool.

Silver fell 1.16% to $24.81 an ounce, after climbing to a more than one-month high on Wednesday.

Platinum fell 0.91% to $974.40 and posted its second straight monthly gain.

Source: https://www.congluan.vn/gia-vang-sjc-tang-16-du-gia-vang-the-gioi-giam-24-post262869.html