SJC gold prices increased by nearly 1.5 million VND per tael.
On the last trading day of the week, financial investors focused their attention on the gold market as the precious metal surged overnight, recording its highest increase in 2023 and easily surpassing the $1,900/ounce mark.
As predicted by investors, right from the opening bell, the price of SJC gold was dramatically adjusted upwards by gold dealers, increasing by nearly 1.5 million VND/ounce to reach 71.6 million VND/ounce.
However, very quickly afterwards, gold dealers promptly adjusted the price of SJC gold, lowering it by 600,000 VND/ounce. Even so, compared to yesterday afternoon, the price of SJC gold has increased by 800,000 to 1 million VND/ounce, equivalent to a 1.1% increase, marking an unprecedented surge in 2023.
The price of SJC gold experienced an unprecedented surge in 2023, increasing by nearly 900,000 VND/ounce and easily reaching the 71 million VND/ounce mark. (Illustrative image)
Specifically, right from the opening hours, Saigon Jewelry Company (SJC) quickly adjusted the price of SJC gold, increasing it by nearly 1.5 million VND/ounce, equivalent to 2%, to 70.40 million VND/ounce - 71.60 million VND/ounce. However, very quickly afterwards, SJC adjusted the price down by 600,000 VND/ounce. The listed price was only 69.70 million VND/ounce - 71 million VND/ounce.
A similar situation occurred at Doji Group. Early this morning, the selling price of SJC gold at Doji reached 71.6 million VND/ounce. However, currently, the buying and selling price of SJC gold is between 69.6 million VND/ounce and 71 million VND/ounce.
The remaining units haven't changed their posted notices much.
At Phu Nhuan Jewelry Company (PNJ), the price of SJC gold is trading at: 69.80 million VND/ounce - 70.55 million VND/ounce, an increase of 350,000 VND/ounce, equivalent to 0.5% compared to the end of yesterday.
As can be seen, gold prices reached record highs in 2023, but this was accompanied by an unprecedented widening of the spread between buying and selling prices. Recently, the selling price was "only" 700,000 to 900,000 VND/ounce higher than the buying price. However, today, this gap has jumped to 1.4 million VND/ounce.
World gold prices surge dramatically.
SJC gold prices set a new record for 2023 as world gold prices surged dramatically last night. In the US market, world gold prices rose sharply, unprecedented in 2023, easily surpassing the $1,900/ounce mark.
After hitting a seven-month low last Friday, the precious metal is seeing its best weekly gain since mid-March. Prices are more than $90 higher than last week's close, compared to December gold futures last trading at $1,941.50 per ounce, and up more than 6% from last week's low.
Silver is also seeing a significant shift in fortune as the precious metal looks set to end the week up more than $1, with December silver futures last trading at $22.895 per ounce. Silver is up 9.5% from last week's lows below $21.
Gold and silver are seeing significant gains over the weekend due to increasing safe-haven demand as Israel intensifies its fight with Hamas. With growing turmoil in the Middle East and the ongoing conflict between Russia and Ukraine, analysts say investors are securing protection over a weekend when anything could happen.
Joseph Cavatoni, North America market strategist at the World Gold Council, said: “It’s terrible what’s happening, but in times like these, when there’s so much uncertainty, investors are going to flock to gold.” “Gold is doing what it does best.”
Adding to tensions with Russia, the US announced tighter sanctions on Russian crude oil exports on Friday. As a result, oil prices rebounded to the impressive $90/ounce mark and rose nearly 4% on the day.
Some analysts note that rising oil prices, if sustained, could further enhance gold's safe-haven role as a hedge against persistent inflation.
Christopher Vecchio, head of futures and foreign exchange at Tastylive.com, said that while he expects inflation to remain fairly volatile until the end of the year, that won't be enough to force the Federal Reserve to raise interest rates again.
He said, “The Fed is done. We’ve heard from five Fed members that further interest rate hikes are unnecessary. Interest rates have become a secondary factor for gold as investors focus on geopolitical uncertainty. This is fertile ground for gold to rise higher.”
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