SJC gold price increased twice as much as world gold price
The domestic gold market had a week of success beyond expectations, both SJC gold and non-SJC gold prices increased very strongly, the heat far exceeded the world gold price. While the world gold price increased about 1.1%, the domestic gold price increased by 2.2%.
Specifically, at the close of this week's trading session, Doji Group listed the price of SJC gold at: 71.20 million VND/tael, 72.30 million VND/tael, an increase of 1.6 million VND/tael, equivalent to 2.26% compared to the end of last week.
However, despite the sharp increase in gold prices, buyers only made a profit of VND500,000/tael because the difference between the buying and selling price of SJC gold at Doji Group increased from VND800,000/tael to VND1.1 million/tael. This is the highest difference in the market at the present time.
World gold prices have had a significant increase in a week and regained the 2,000 USD/ounce mark, but are still far behind SJC gold in terms of heat. Illustrative photo
Along with Doji, Saigon Jewelry Company – SJC also has the highest selling price of SJC gold in the market, reaching 72.30 million VND/tael. The buying price at SJC is 71.30 million VND/tael.
Meanwhile, the remaining units also adjusted the price of SJC gold to increase by more than 1 million VND/tael and surpass the 72 million VND/tael mark.
The gold price at Bao Tin Minh Chau Jewelry Company "closed the week" at: 71.35 million VND/tael - 72.23 million VND/tael. At Phu Nhuan Jewelry Company - PNJ, the selling price was listed at the lowest level of 72.10 million VND/tael. The buying price of SJC gold at PNJ reached 71.20 million VND/tael.
Non-SJC gold prices also continuously set new records. At the end of the week, PNJ gold prices at PNJ company increased by VND1.2 million/tael, equivalent to 2% compared to the end of last week, to VND60.20 million/tael - VND61.40 million/tael.
The price of Thang Long Dragon Gold of Bao Tin Minh Chau has the most impressive growth rate. At the end of the week, this precious metal stopped at: 60.98 million VND/tael - 61.98 million VND/tael, an increase of 1.7 million VND/tael, equivalent to 2.82%.
Meanwhile, the world gold price closed the week at 2,002.7 USD/ounce, up 1.1%.
It can be seen that the domestic gold price has increased at twice the rate of the world gold price.
Still optimistic about the future of gold
The latest Kitco News weekly gold survey shows that retail investors remain as bullish as ever for the week ahead, while the majority of market analysts are bullish, although there is a significant minority that is neutral on the yellow metal’s near-term outlook.
Thirteen Wall Street analysts participated in the Kitco News Gold Survey this week. Seven, or 54%, predicted gold prices would rise next week, while just two, or 15%, predicted gold prices would fall. Four, or 31%, were neutral on gold next week.
Meanwhile, 672 votes were cast in Kitco’s online poll, and market participants were just as bullish as they were in last week’s survey. 431 retail investors, or 64%, expect gold to rise next week. Another 156, or 23%, predict lower prices, while 85 respondents, or 13%, are neutral on the precious metal’s near-term outlook.
Mark Leibovit, publisher of VR Metals/Resource Letter, is bullish on gold next week, predicting that gold could hit a new all-time high by 2024. However, he also noted that the US dollar appears to be breaking out of technical support, which will be negative for gold and silver.
Frank McGhee, head of precious metals trading at Alliance Financial, said gold is overbought and the market is mispricing several key factors.
“Overall, I tend to think you’re going to see gold continue to weaken. I don’t really expect this rally to last, you saw $40 or $50 before this last bounce as geopolitical tensions started to ease. And I think that’s going to continue over the next few weeks.”
“I wouldn’t be surprised if one day we suddenly drop $50, $60 and go back to the 200-day,” he added. “We’re overbought.”
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