Domestic gold price today
Domestic gold prices increased sharply this morning to around 71 million VND/tael. Currently, the prices of gold bars of various brands are listed as follows:
SJC gold price in Hanoi and Da Nang is listed at 69.7 million VND/tael for buying and 70.72 million VND/tael for selling.
In Ho Chi Minh City, SJC gold is still being bought at the same price as in Hanoi and Da Nang but sold at 20,000 VND lower.
Thus, compared to yesterday afternoon, SJC gold price has been adjusted up 200,000 VND for buying and 500,000 VND for selling.
Domestic gold price this morning (October 15).
DOJI gold price in Hanoi area was adjusted up 250,000 VND for buying and 800,000 VND for selling to 69.6 million VND/tael for buying and 71 million VND/tael for selling, respectively.
In Ho Chi Minh City, this brand of gold is buying and selling at the same level as in Hanoi, increasing by 200,000 VND for buying and 800,000 VND for selling compared to yesterday afternoon.
Phu Quy SJC gold bars are listed at 69.6 million VND/tael for buying and 71 million VND/tael for selling, an increase of 150,000 VND for buying and 850,000 VND for selling compared to yesterday afternoon.
PNJ gold bars are buying at 69.8 million VND/tael and selling at 71 million VND/tael, an increase of 300,000 VND for buying and 850,000 VND for selling compared to yesterday afternoon.
Meanwhile, Bao Tin Minh Chau adjusted the buying price up by VND230,000 and the selling price up by VND520,000 to VND69.75 million/tael and VND70.7 million/tael, respectively.
World gold price today
In the last trading session of this week, the world gold price increased by more than 60 USD/ounce, marking the best week of performance since March.
After hitting a seven-month low last Friday, the precious metal has seen its best weekly gain since mid-March due to growing safe-haven demand as the Israel-Hamas conflict shows no signs of abating.
Gold prices continue to rise (Illustration photo).
Joseph Cavatoni, North America market strategist at the World Gold Council, said that in the current volatile environment, investors will flock to gold.
Additionally, the US announcement of tightening sanctions on Russian crude oil exports on Friday pushed oil prices back near $90 a barrel and up nearly 4% on the day.
Some analysts note that if oil prices continue to rise, gold's safe-haven role as a hedge against persistent inflation will also increase.
While inflation will fluctuate this year, that won't be enough to force the Federal Reserve to raise interest rates again, according to Tastylive.com expert Christopher Vecchio.
“The Fed has done its job. We’ve heard from five Fed members that further rate hikes are not needed. Rates have become secondary to gold as investors focus on geopolitical uncertainty. This is fertile ground for gold to move higher,” Vecchio said.
PHAM DUY
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