SJC gold price increased by nearly 1.5 million VND/tael
On the last trading day of the week, financial investors focused their attention on the gold market because last night this precious metal increased sharply, recording an unprecedented increase in 2023 and easily surpassing the mark of 1,900 USD/ounce.
As investors predicted, right from the opening hour, the price of SJC gold was adjusted to increase by "gold shops", increasing by nearly 1.5 million VND/tael and reaching 71.6 million VND/tael.
However, very quickly afterwards, the "gold shops" quickly adjusted the price of SJC gold to cool down, decreasing by 600,000 VND/tael. However, compared to yesterday afternoon, the price of SJC gold also increased from 800,000 VND to 1 million VND/tael, equivalent to an increase of 1.1% and recorded an unprecedented strong increase in 2023.
SJC gold price has an unprecedented growth rate in 2023 when it increased by nearly 900,000 VND/tael and easily reached 71 million VND/tael. Illustrative photo
Specifically, right from the opening time, Saigon Jewelry Company - SJC quickly adjusted the price of SJC gold to increase by nearly 1.5 million VND/tael, equivalent to 2% to 70.40 million VND/tael - 71.60 million VND/tael. However, very quickly after that, SJC adjusted the gold price down by 600,000 VND/tael. The listed price is only 69.70 million VND/tael - 71 million VND/tael.
Similar developments also occurred at Doji Group. Early this morning, the selling price of SJC gold at Doji reached 71.6 million VND/tael. However, currently, the price of SJC gold is being bought and sold at: 69.6 million VND/tael - 71 million VND/tael.
The remaining units have not changed much on the listing board.
At Phu Nhuan Jewelry Company - PNJ, SJC gold price is traded at: 69.80 million VND/tael - 70.55 million VND/tael, up 350,000 VND/tael, equivalent to 0.5% compared to the end of yesterday.
It can be seen that the gold price increased to a record high in 2023, but along with that, the risk of the difference between the buying and selling prices also widening to an unprecedented high in 2023. Recently, the selling price was "only" more expensive than the buying price from 700,000 VND/tael to 900,000 VND/tael. However, today, this gap jumped to 1.4 million VND/tael.
World gold price increased shockingly
SJC gold price set a record for 2023 when world gold prices rose sharply last night. In the US market, world gold prices increased sharply like never before in 2023 and easily surpassed the mark of 1,900 USD/ounce.
After hitting a seven-month low last Friday, the precious metal is on track for its best weekly gain since mid-March. Prices are $90 higher than last week's close, compared with December gold last trading at $1,941.50 an ounce and up more than 6% from last week's low.
Silver is also seeing a significant change in fortunes as the precious metal looks set to end the week up more than $1, with December silver futures last trading at $22.895 an ounce. Silver is up 9.5% from last week’s low below $21.
Gold and silver are seeing significant gains at the end of the week as safe-haven demand increases as Israel intensifies its war with Hamas. With growing chaos in the Middle East and Russia’s ongoing war with Ukraine, analysts say investors are making sure they have protection over a weekend when anything can happen.
“It’s terrible what’s happening, but in times like this, when there’s so much uncertainty, investors are going to flock to gold,” said Joseph Cavatoni, North America market strategist at the World Gold Council. “Gold is doing what it does best.”
Adding to tensions with Russia, the US announced on Friday it would tighten sanctions on Russian crude oil exports, sending oil prices back within striking distance of $90 an ounce and up nearly 4% on the day.
Some analysts note that rising oil prices, if sustained, could add to gold's safe-haven role as a hedge against persistent inflation.
Christopher Vecchio, head of futures and forex at Tastylive.com, said that while he expects inflation to be quite volatile through the end of the year, it won't be enough to force the Federal Reserve to raise interest rates again.
“The Fed is done,” he said. “We’ve heard from five Fed members that another rate hike is not necessary. Rates have become secondary to gold as investors focus on geopolitical uncertainty. This is fertile ground for gold to move higher.”
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