| Domestic gold prices show no signs of stopping increasing, SJC gold is sold at 79.70 million VND/tael. 999.9 gold ring price hits new peak, sold at 66.69 million VND/tael |
Domestic gold price
Gold price at noon on March 2, SJC gold price at Saigon Jewelry Company in Ho Chi Minh City was around 78.50 - 81.00, up 1.2 million VND/tael for buying and up 1.4 million VND/tael for selling compared to yesterday's closing price. The difference between buying and selling was up to 2.5 million VND/tael.
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The price of SJC gold bars traded at Saigon Jewelry Company in Hanoi is around 78.50 - 81.02 million VND/tael, an increase of 1.2 million VND/tael for buying and 1.4 million VND/tael for selling compared to yesterday's closing price. The difference between buying and selling is up to 2.5 million VND/tael.
The price of SJC gold bars at Bao Tin Minh Chau Company is trading around 78.50 - 80.85 million VND/tael, an increase of 1.2 million VND/tael for buying and 1.3 million VND/tael for selling compared to the previous closing price.
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At Bao Tin Manh Hai, SJC gold bars are being traded at 78.35 - 80.85 million VND/tael for buying and selling, an increase of 1.05 million VND/tael for buying and 1.3 million VND/tael for selling compared to yesterday.
At Phu Quy Group, the price of SJC gold bars is currently trading around 78.50 - 80.90 million VND/tael for buying and selling, an increase of 1.1 million VND/tael for buying and 1.3 million VND/tael for selling compared to yesterday.
In addition, the price of 999.9 gold rings (24k) today increased hourly. Specifically, the price of Thang Long gold bars and plain round rings at Bao Tin Minh Chau Company was traded at 66.72 - 67.92 million VND/tael for buying and selling, an increase of 1.35 million VND/tael for buying and 1.35 million VND/tael for selling compared to the closing price yesterday.
Thang Long 99.99 (24k) gold jewelry is trading around 66.25 - 67.55 million VND/tael, an increase of 1.25 million VND/tael for buying and 1.25 million VND/tael for selling compared to yesterday.
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| Gold price traded at Bao Tin Manh Hai |
Similarly, Thang Long Gold Dragon blister rings and Kim Gia Bao blister rings are being traded at Bao Tin Manh Hai Company at around 66.77 - 67.92 million VND/tael for buying and selling, an increase of 1.23 million VND/tael for buying and 1.34 million VND/tael for selling compared to yesterday's closing price.
The price of 999.9 gold is around 66.05 - 67.55 million VND/tael, an increase of 1.25 million VND/tael for buying and 1.25 million VND/tael for selling compared to yesterday. The price of 99.9 gold is currently around 65.95 - 67.45 million VND/tael, an increase of 1.2 million VND/tael for buying and 1.25 million VND/tael for selling compared to yesterday.
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| Gold price traded at Phu Quy Group |
At Phu Quy Group, Phu Quy 999.9 Round Ring and Phu Quy 999.9 God of Wealth are trading around 66.55 - 67.75 VND/tael, an increase of 1 million VND/tael for buying and an increase of 1.1 million VND/tael for selling compared to yesterday.
24K 999.9 gold is trading around 65.90 - 67.40 million VND/tael, up 1 million VND/tael for buying and up 1.05 million VND/tael for selling compared to yesterday.
World gold price
At noon today (March 2, Vietnam time), the spot gold price was at 2,082 USD/ounce, up 40,445 USD/ounce compared to the same time yesterday morning. The US gold futures price increased about 2% to 2,095.7 USD.
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| World gold price chart this afternoon |
Converted at the current exchange rate at Vietcombank, the world gold price is about 61,205 million VND/tael (excluding taxes and fees). Thus, the price of SJC gold bars is still 16,595 million VND/tael higher than the international gold price.
Gold prices continued to rise and hit a two-month high on March 1 as gloomy economic data reinforced investors' expectations that the US Federal Reserve (Fed) will ease monetary policy in June.
Last night's session - early this morning (Hanoi time), the international financial market received more economic information from major economies including the US, Europe, and China. Specifically, in the US, the manufacturing purchasing managers index (PMI) in February increased from 51.5 points last month to 52.2 points this month.
However, this is only positive data, not enough to restrain the sharp increase in gold prices. Because the US Institute for Supply Management (ISM) announced a series of indexes that dropped sharply in February. Specifically, the US manufacturing PMI index in February according to ISM dropped sharply from 49.1 points last month to 47.8 points, much lower than the previously forecast level of 49.5 points. The US new manufacturing orders index in February provided by this Institute also dropped sharply from 52.5 points to 49.2 points - below the expansion level of 50 points.
Gold is trending higher as the market believes the Fed will ease monetary policy in the middle of this year, reducing the opportunity cost of gold, said Bart Melek, head of commodity strategy at TD Securities.
“Within three or four months, prices will hit a record if we see poor economic data and the market believes the Fed is ready to cut rates,” said Bart Melek, adding that strong central bank buying is also supporting the market.
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