SJC gold price increased dramatically, surpassing 70 million VND/tael

SJC gold price exceeds 70 million VND/tael

As predicted by investors, the price of SJC gold has officially regained the 70 million VND/tael mark after a series of very strong increases.

Right from the opening time, Saigon Jewelry Company – SJC adjusted the price of SJC gold to increase by 200,000 VND/tael compared to the end of yesterday. The selling price exceeded 70 million VND/tael when reaching 70.05 million VND/tael. Meanwhile, the buying price remained at 69 million VND/tael when listed at 69.35 million VND/tael.

At Doji Group, less than 1 hour after opening, Doji adjusted the listing price many times. After 9am, the selling price of SJC gold also reached 70 million VND/tael. The buying price of SJC gold at Doji is 69.10 million VND/tael.

SJC gold price increased dramatically, surpassing 70 million VND, image 1 — SJC gold price has increased dramatically, easily surpassing the 70 million VND/tael mark in the selling direction right from the opening hour of the trading session on October 12. Illustrative photo

The remaining units also adjusted the gold price to increase sharply but still maintained the mark of 69 million VND/tael. However, it is likely that on the morning of October 12, the mark of 70 million VND/tael will be successfully conquered in the whole market.

Specifically, Bao Tin Minh Chau Gold and Gemstone Company is listing the price of SJC gold at: 69.38 million VND/tael - 69.93 million VND/tael, an increase of 180,000 VND/tael compared to the end of yesterday.

Phu Nhuan Jewelry Company - PNJ also listed the price of SJC gold below 70 million VND/tael. The price of SJC gold at PNJ is traded at: 69.20 million VND/tael - 69.90 million VND/tael, an increase of 150,000 VND/tael.

Non-SJC gold prices increased slightly faster. At Bao Tin Minh Chau, Thang Long Dragon gold was bought and sold at: 56.73 million VND/tael - 57.63 million VND/tael, an increase of 250,000 VND/tael compared to the end of yesterday. PNJ Company traded PNJ gold at: 56.50 million VND/tael - 57.50 million VND/tael.

World gold price remains optimistic

Global gold prices hit a near two-week high as US Treasury yields eased following dovish comments from Federal Reserve officials, while minutes of the US central bank’s last policy meeting will be watched for further signals on interest rates.

Gold prices rose 0.73% to $1,873.6082 an ounce, after hitting their highest since September 29. US gold futures were up 0.6% at $1,887.3.

The world gold price has a faster increase than the SJC gold price, so the gap between the two prices has now narrowed. The SJC gold price is about 14.2 million VND/tael more expensive than the world gold price. A few days ago, this gap reached 15 million VND/tael.

Jim Wyckoff, senior analyst at Kitco Metals, said dovish comments from Fed officials that the U.S. central bank could pause tightening and unrest in the Middle East are supporting the gold market.

Atlanta Fed President Raphael Bostic said Tuesday he doesn't see any more U.S. interest rate hikes, while Minneapolis Fed President Neel Kashkari said higher bond yields "may" mean the Fed could do less.

The benchmark 10-year US Treasury yield fell for a second straight session to a near two-week low, moving away from last week's 2007 high.

Uncertainty about the direction of the U.S. economy, potential oil price shocks and the impact of labor union strikes kept Fed officials on a cautious note at last month's meeting, according to minutes from the September 19-20 meeting.

US Consumer Price Index data on Thursday is expected to provide more clarity on the path of US interest rates.

A weaker inflation report would boost the gold market and could push prices to $1,900, Wyckoff said.

Gold is highly sensitive to rising US interest rates as this increases the opportunity cost of holding bullion.

Investors also kept an eye on developments in the conflict between Israel and the Palestinian Islamist group Hamas. Prices rose 1.6% on Monday as these geopolitical tensions boosted demand for safe havens.

Spot silver rose 0.92% to $22.0099 an ounce. Platinum rose 0.77% to $7.678 and palladium fell 0.29% to $1,166.9694.

Source