After increasing by 2 million VND/tael, gold price increased by 1.5 million VND

After increasing by 2 million VND/tael, gold price increased by 1.5 million VND

Yesterday, the price of SJC gold “heated up” significantly when it increased by 2 million VND/tael. Before it could cool down, this morning, this precious metal increased by another 1.5 million VND/tael and reached 77.50 million VND/tael.

SJC gold price at Saigon Jewelry Company - SJC and Phu Nhuan Jewelry Company - PNJ were both traded at: 74.50 million VND/tael - 77.50 million VND/tael, an increase of 1 million VND/tael for buying, an increase of 1.5 million VND/tael for selling compared to the end of yesterday. The difference between selling and buying prices increased from 2.5 million VND/tael to 3 million VND/tael.

At Doji Group, SJC gold price is listed at: 74.45 million VND/tael - 77.45 million VND/tael, an increase of nearly 1.5 million VND/tael.

After increasing 2 million dong, gold price increased by 15 million dong, image 1 — After increasing by 2 million VND/tael, the price of SJC gold increased by 1.5 million VND and is much more expensive than world gold. Illustrative photo

SJC gold price at Bao Tin Minh Chau is traded at: 74.12 million VND/tael - 76.90 million VND/tael. The transaction price as well as the difference between selling and buying price at Bao Tin Minh Chau is the lowest in the market. The selling price is 2.78 million VND/tael lower than the buying price.

Meanwhile, the price of non-SJC gold also increased sharply. At Bao Tin Minh Chau, the price of Thang Long Dragon gold is listed at: 63.42 million VND/tael - 64.52 million VND/tael. The price of PNJ gold at PNJ Company is bought and sold at: 62.40 million VND/tael - 63.50 million VND/tael.

It can be seen that the gold price is "heating up" in the last 2 trading sessions of the week. However, with the selling price being 3 million VND/tael higher than the buying price, this is still a huge risk for investors.

Middle East tensions push gold prices up

Gold prices hit a one-week high on Friday as an escalation in the Middle East conflict spurred safe-haven buying, while a drop in U.S. producer price inflation fueled bets that the Federal Reserve could cut interest rates sooner.

Spot gold was up 1% at $2,048.21 an ounce at 2:24 p.m. ET (19:24 GMT), after rising as much as 1.7% earlier in the session. It closed the week at $1,049.70 an ounce.

At this level of world gold, the converted price of SJC gold is about 61.23 million VND/tael. Thus, the price of SJC gold is about 16.27 million VND/tael more expensive than the world price. This is a very large gap, which can cause many risks for gold buyers at this time.

Not only is it "cheaper" than SJC gold, the world gold price is also about 3.29 million VND/tael lower than the non-SJC gold price.

Bullion was little changed for the week, but extended its run above $2,000 to nearly a month. U.S. gold futures rose 1.6% to $2,051.60.

Gold prices rose as tensions in the Middle East grew.

Rising geopolitical risks are pushing gold higher, while the U.S. central bank may be ready to start easing its restrictive monetary policy, said Bart Melek, head of commodity strategy at TD Securities.

Melek added that negative US producer price index (PPI) data was also a significant catalyst for prices.

U.S. producer prices unexpectedly fell in December amid lower costs for goods such as diesel fuel and food, suggesting inflation will continue to ease. However, data on Thursday showed U.S. consumer prices rose more than expected in December.

Traders see an 80% chance of a rate cut in March, compared with about a 70% chance seen before the PPI report, according to the CME Fedwatch tool.

Considered a safe haven, gold tends to rise in times of uncertainty, while lower interest rates also increase the appeal of zero-yielding assets.

Spot silver prices rose 1.9% to $23.20 an ounce.

Platinum fell 0.5% to $910.49, down for a second straight week. Palladium fell 1.3% to $975.51, down for a third straight week.

Source