At the beginning of the year, January 1, the price of 9999 gold bars at SJC Ho Chi Minh City was 66 million VND/tael (buy) and 67 million VND/tael (sell). SJC Hanoi listed it at 66 million VND/tael (buy) and 67.02 million VND/tael (sell).
Doji Hanoi listed at 65.65 million VND/tael (buy) and 66.65 million VND/tael (sell). Doji Ho Chi Minh City bought SJC gold at 65.9 million VND/tael and sold at 66.7 million VND/tael.
In the following months, domestic gold prices increased following the world trend, at times approaching the 68 million VND/tael mark.
On March 20, SJC listed the price of 9999 gold bars at 66.9 million VND/tael (buy) - 67.62 million VND/tael (sell). Doji listed it at 66.8 million VND/tael (buy) and 67.5 million VND/tael (sell). This is the highest price in March.
Domestic gold prices have been stable for a long time around 67 million VND/tael. By November, domestic gold prices were "feverish" and continuously broke new records. On November 29, SJC gold prices reached a new peak of 74.5 million VND/tael.
On December 19, the gold price peaked at VND75.82 million/tael. On December 21, the gold price surpassed VND76 million/tael for the first time, setting a new record of VND76.3 million/tael.
Near the end of 2023, gold prices continued to increase rapidly, setting a historic peak of VND 80.3 million/tael in the selling price on December 27.
After several sharp declines, the closing price of 9999 gold bars at SJC Ho Chi Minh City was VND71 million/tael (buy) and VND74 million/tael (sell). SJC Hanoi listed at VND71 million/tael (buy) and VND74.02 million/tael (sell).
Doji Hanoi listed at 68 million VND/tael (buy) and 74 million VND/tael (sell). Doji Ho Chi Minh City bought SJC gold at 69 million VND/tael and sold at 74 million VND/tael.
Over the past year, SJC gold prices increased by 5 million VND/tael for buying and 7 million VND/tael for selling. At Doji, gold prices increased by nearly 3 million VND/tael for buying and 7.4 million VND/tael for selling.
If the buyer continues to hold gold, he will make a profit of 7 million VND/tael. If he buys at the beginning of the year and sells at the end of the year, he will only make a profit of 4 million VND/tael.
World gold records best year
On the world market, the gold price on the Kitco floor closed the trading year at 2,062 USD/ounce. The gold futures price for February 2024 delivery on the Comex floor in New York traded at 2,071 USD/ounce. The world gold price increased by 13% in 2023, the best increase since 2020.
World gold prices hit a new peak on December 4 when they surpassed the threshold of 2,100 USD/ounce in the context that traders are strengthening their belief that the US Federal Reserve (Fed) will cut interest rates in the new year 2024.
Gold prices on the world market are still on an upward trend and are forecast to reach a new peak in 2024 when the USD is on a downward trend.
According to economic experts, gold prices are forecast to remain above $2,000/ounce throughout 2024. World gold is forecast to continue to increase strongly and is likely to reach a new all-time high in January.
Amid rising geopolitical tensions, low global economic growth, and expectations of US interest rate cuts, gold prices are holding above $2,000 an ounce.
JP Morgan predicts that gold prices could rise to $2,300. By the end of the year, gold prices could reach $2,150 if central banks cut interest rates.
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