Gold price skyrockets, heading towards 77 million VND/tael

SJC gold price is heading towards 77 million VND/tael

This is a memorable week for the gold market. SJC gold prices have continuously increased sharply, surpassing the milestones of 75 million VND/tael, 76 million VND/tael and aiming for an unprecedented high of 77 million VND/tael.

From the early morning of December 22, gold shops simultaneously adjusted the price of SJC gold to increase sharply and increase hourly. By nearly 10 am, the highest mark of this precious metal reached 76.53 million VND/tael.

Specifically, Saigon Jewelry Company has the highest selling price in the market, up to 76.53 million VND/tael, applied to SJC gold 0.5 chi, 1 chi, 2 chi. The purchase price of these products is 75.50 million VND/tael. As for SJC gold 1L - 10L - 1kg, SJC Company listed at 75.50 million VND/tael - 76.50 million VND/tael.

Gold price increased to 77 million dong image 1 — SJC gold price increased rapidly and is heading towards an unprecedented high of 77 million VND/tael in the morning trading session of December 22. Illustrative photo

The second highest price of SJC gold in the market belongs to Doji Group. After many consecutive adjustments, the price of SJC gold at Doji is listed at: 75.50 million VND/tael - 76.50 million VND/tael.

Phu Nhuan Jewelry Company - PNJ also adjusted the price of SJC gold to increase by nearly 1 million VND/tael to 75.40 million VND/tael - 76.30 million VND/tael. The price of SJC gold at Bao Tin Minh Chau Company is bought and sold at: 75.45 million VND/tael - 76.38 million VND/tael.

Notably, in the past, when the price of SJC gold increased sharply and reached new heights, there was always a phenomenon that occurred. That is, the gap between the selling price and the buying price widened, at times reaching up to 1.5 million VND/tael. However, today, this gap is still maintained at the level of 930,000 VND/tael to 1.03 million VND/tael. However, this gap is still very large.

Non-SJC gold prices have also heated up noticeably. At PNJ Company, the PNJ gold price is listed at: 61.65 million VND/tael - 62.75 million VND/tael. At Bao Tin Minh Chau, the price of Thang Long dragon gold is listed at: 62.13 million VND/tael - 63.08 million VND/tael. This is still not the highest price of this precious metal.

SJC gold price is record expensive compared to world gold

Domestic gold prices are "hot" along with the world market. Last night, in the US market, gold prices increased sharply when the dollar fell after US economic data increased expectations that the US Federal Reserve (FED) will cut interest rates in March next year.

Spot gold rose 0.7% to $2,043.79 an ounce, heading for its best session in six hours. U.S. gold futures rose 0.2% to $2,051.30.

In the trading session this morning, in the Asian market, the world gold price continued to rise and reached 2,061.3 USD/ounce. At this price of the world gold price, the converted SJC gold price reached about 61.4 million VND/tael. Thus, the price of SJC gold is about 151.1 million VND/tael more expensive than the world gold price.

Data showed US gross domestic product grew at an annualized rate of 4.9% last quarter, revised down from the previously reported 5.2% pace, while weekly jobless claims rose slightly.

“GDP data is a little weak and gold is up,” said Tai Wong, an independent metals trader based in New York, who said the market was hungry for a Fed policy pivot that was evolving.

According to the CME FedWatch tool, the market expects an 83% chance that the Fed will cut interest rates in March, compared with 79% before the data.

Lower interest rates reduce the opportunity cost of holding non-yielding bullion.

The US dollar fell 0.5% and the yield on 10-year Treasury notes hovered near a five-month low.

The Fed's dovish stance has led markets to price in several rate cuts in 2024. However, some Fed officials have spoken out against imminent rate cuts.

Market focus has now turned to Friday's US core personal consumption expenditure (PCE) report.

“Gold will continue to hold above $2,000 and our expectations of easing inflation pressures will continue to drive the sideways trend in gold,” said David Meger, director of metals trading at High Ridge Futures.

Silver rose 0.9% to $24.33 an ounce, hitting a 16-day high.

Platinum rose 0.4% to $962.82, near a 16-week high hit in the previous session, and palladium was up 1.3% at $1,211.71.

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