SJC gold price exceeds 75 million VND/tael
Yesterday, the price of SJC gold increased by more than half a million VND/tael and approached the 75 million VND/tael mark even though the world gold price remained unchanged. Therefore, investors thought that this morning, SJC gold would cool down to enter a new "race". However, the opposite happened. The price of SJC gold not only did not decrease but also expanded its upward momentum. This precious metal caused a shock because it far exceeded the 75 million VND/tael mark.
Right from the beginning of the morning, Doji Group adjusted the price of SJC gold to increase by VND500,000/tael, equivalent to 0.7% compared to the end of yesterday to VND74.40 million/tael - VND75.40 million/tael. Thus, an all-time high has just been set once again. This is also the price applied at Saigon Jewelry Company - SJC.
At Phu Nhuan Jewelry Company – PNJ, the price of SJC gold also increased by VND500,000/tael to VND74.50 million/tael – VND74.40 million/tael. After only 1 day, this precious metal increased by VND1 million/tael.
After a hot session, the price of SJC gold not only did not cool down but also expanded its upward momentum. This precious metal caused a shock when it surpassed the 75 million VND/tael mark. Illustrative photo
Bao Tin Minh Chau Company adjusted the price of SJC gold up by 530,000 VND/tael to 74.45 million VND/tael – 75.38 million VND/tael. The selling price at Bao Tin Minh Chau is the lowest in the market, while the buying price is the highest.
Meanwhile, non-SJC gold prices continued to increase at a slower pace.
The price of Thang Long Dragon gold at Bao Tin Minh Chau is currently trading at: 61.83 million VND/tael - 62.83 million VND/tael, an increase of 270,000 VND/tael compared to the end of yesterday. The price of PNJ gold at PNJ Company increased by 250,000 VND/tael to 61.20 million VND/tael - 62.30 million VND/tael.
Recently, for quite a long time, the price of SJC gold has been rising much higher than that of SJC gold.
World gold prices continue to rise
In the trading session last night in the US market, the world gold price increased significantly when the US dollar and treasury bond yields decreased while investors are waiting for a series of US economic data released this week that could bring more clarity on the US Federal Reserve's (FED) interest rate path.
Spot gold rose 0.6% to $2,038.59 an ounce. U.S. gold futures rose 0.6% to $2,052.10.
The gains were supported by a 0.4% drop in the dollar index, while the yield on the 10-year US Treasury note was hovering near its lowest level since July.
Bart Melek, head of commodity strategy at TD Securities, said investors are buying gold because there is less incentive for people to get rid of it, with the market betting the Fed will cut interest rates before it reaches its 2% inflation target.
Lower bond yields and interest rates reduce the opportunity cost of holding non-yielding gold.
Fed Chairman Jerome Powell said last week that the Fed’s monetary policy could be tightened, with discussion of cutting borrowing costs “on the table.” However, some Fed officials have dismissed growing market expectations for a rate cut.
According to the CME FedWatch tool, markets are pricing in about a 75% chance that the Fed will cut interest rates in March.
Traders are looking ahead to a slew of U.S. economic data this week, including Friday’s release of the core personal consumption expenditures index for November, which is seen as the Fed’s preferred measure of underlying inflation. Commerzbank said in a note that it is a matter of when the Fed will cut interest rates, so we see no reason for any significant downward adjustment in gold prices in the near term.
Swiss customs data showed on Tuesday that Swiss gold exports fell in November partly due to a drop in shipments to India.
Spot silver rose 1.1% to $24.03 an ounce, while platinum rose 1.3% to $957.08. Palladium rose 3.2% to $1,222.14, rising for a seventh straight session.
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