SJC gold price increased by nearly 1 million VND/tael, a record high compared to world gold price

SJC gold price increased by nearly 1 million VND/tael

Last weekend, SJC gold prices experienced many sessions of great fluctuations, sometimes increasing sharply and sometimes decreasing sharply, but the main trend was still continuously setting new records. At the end of the week, only Doji Group maintained the 77 million VND/tael mark for selling price.

In the new week, at the beginning of the session, SJC gold was quite quiet when gold shops started the new week at the price of the previous week. However, after only a few hours, the price of SJC gold increased by the hour and reached 77.6 million VND/tael.

Specifically, at lunchtime, Doji Group listed the price of SJC gold at: 76.50 million VND/tael - 77.60 million VND/tael, an increase of 800,000 VND/tael for buying and 600,000 VND/tael compared to the end of last week. The difference between buying and selling prices decreased from 1.3 million VND/tael to 1.1 million VND/tael.

SJC gold price increased by nearly 1 million dong, record high compared to world gold price, picture 1 — SJC gold price increased by nearly 1 million VND/tael to 77.6 million VND/tael and reached a record high compared to world gold. The difference is up to 16 million VND/tael. Illustrative photo

At Saigon Jewelry Company – SJC, the price of SJC gold was adjusted up by VND600,000/tael to VND76.50 million/tael – VND77.50 million/tael. The selling price of SJC gold at SJC Company is VND1 million/tael higher than the buying price.

Phu Nhuan Jewelry Company – PNJ adjusted the price of SJC gold up by VND550,000/tael to VND76.60 million/tael – VND77.50 million/tael. The difference between the selling and buying prices at PNJ decreased from VND1 million/tael to VND900,000/tael.

The price of SJC gold at Bao Tin Minh Chau Company increased by nearly 700,000 VND/tael to 76.60 million VND/tael - 77.60 million VND/tael. The difference between the selling and buying price of SJC gold at this company increased from 950,000 VND/tael to 1 million VND/tael.

The price of non-SJC gold has a slower increase than SJC gold. At Bao Tin Minh Chau, the price of Thang Long Dragon gold is bought and sold at: 62.47 million VND/tael - 63.42 million VND/tael. At PNJ Company, the price of PNJ gold is listed at: 62 million VND/tael - 63.15 million VND/tael.

It can be seen that SJC gold price and non-SJC gold price together stand at the highest position of all time.

SJC gold is record expensive compared to world gold

SJC gold prices increased sharply in the context of major markets being on Christmas break. Closing last weekend, the world gold price stopped at 2,069 USD/ounce. At this world gold price, the converted SJC gold price reached about 61.68 million VND/tael. Thus, the SJC gold price is nearly 16 million VND/tael higher than the world gold price. This is the largest difference between the two markets in 2023.

Although currently "weak" compared to SJC gold price, world gold price is still forecast to break out in 2024.

James Hyerczyk, technical analyst and trader at Fxempire, said that throughout 2023, the gold market experienced a series of important global events that greatly affected the value of gold. Notable among these were the banking crisis and geopolitical tensions.

The collapse of Silicon Valley Bank and subsequent bank failures, part of the biggest wave of such events since the 2008 financial crisis, has sparked a rush to gold as a safe haven.

This led to gold prices soaring above $2,000. At the same time, escalating tensions from the Israel-Hamas conflict further increased the appeal of gold.

The dual impact of financial system turmoil and geopolitical instability has highlighted gold's role as a stable investment in times of turmoil.

Looking ahead to 2024, the US economy is expected to continue expanding, supported by strong consumer spending and sustained private investment. Signals of a potential interest rate cut by the Federal Reserve (Fed) suggest a shift towards a more accommodative monetary policy amid subdued inflation. This evolving monetary environment is poised to influence the gold market as investors recalibrate their strategies to respond to the changing economic landscape.

In times of global economic downturn, gold’s historical performance as a safe-haven asset often sees demand for gold increase. Investors often look for effective risk hedges in their portfolios and gold is often chosen for its stability and growth potential in volatile markets.

The Fed's interest rate cut, fears of economic recession and tensions in the Middle East will push the world gold price up to 2,500 USD/ounce. At this level of world gold price, provided the difference between the two markets remains unchanged, the price of SJC gold can reach 90.6 million VND/tael in 2024.

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