On the morning of December 2, gold trading enterprises increased the price of SJC gold by 500,000 VND/tael, up to 74 million VND/tael. The price of 4-9 gold rings reached a new peak of 62.8 million VND/tael.
World gold prices have increased beyond the 2020 peak at 2,075 USD/ounce, causing domestic gold prices to increase at the weekend.
Recorded at around 8:45 in Ho Chi Minh City, Mi Hong gold shop (Binh Thanh district) listed SJC gold at 72.8 million VND/tael for buying and 74 million VND/tael for selling, an increase of 200,000 VND for buying and 500,000 VND for selling. Similarly, Phu Quy Group also increased SJC gold to 72.6 million VND/tael for buying and 74 million VND/tael for selling, an increase of 200,000 VND for buying and 500,000 VND for selling.
At the same time in Hanoi, SJC Company quoted SJC gold price at 72.7 million VND/tael for buying and 74.02 million VND/tael for selling, an increase of 400,000 VND for buying and 500,000 VND for selling.
Gold rings hit new peak on December 2
While the price of SJC gold bars has been fluctuating continuously in recent days, the price of 4-number-9 rings continues to set new peaks.
Specifically, this morning, SJC Company listed the price of 1-chi, 2-chi and 5-chi gold rings at 61.55 million VND/tael for buying and 62.65 million VND/tael for selling, an increase of 400,000 VND for both buying and selling compared to the previous day. Similarly, PNJ Company also listed the price of PNJ gold rings at 61.6 million VND/tael for buying and 62.8 million VND/tael for selling, an increase of 300,000 VND for both buying and selling.
In the world gold market, the closing price of gold in New York on the night of December 1 increased by 35.3 USD/ounce to 2,071 USD/ounce. This price after conversion is equivalent to nearly 59.5 million VND/tael, lower than SJC gold by nearly 14.6 million VND/tael and lower than 4-digit 9 gold rings by about 3.3 million VND/tael. Because the price of 4-digit 9 gold rings continuously reached new peaks, the difference between domestic and world gold ring prices this morning was up to 3.3 million VND/tael compared to 2.3 - 2.5 million VND/tael during the week.
The world gold price has officially surpassed the historical peak set in 2020 at 2,075 USD/ounce when it skyrocketed to 2,076.1 USD/ounce before falling back to 2,071 USD/ounce. The world gold price increased sharply when the US Federal Reserve (FED) officials showed that the interest rate hike cycle had ended, thereby strengthening investors' confidence that the FED had completed tightening monetary policy and could cut interest rates from March next year.
Analysts predict that if there are no concerns, especially in the context of the increasingly weakening USD, the price of gold will hardly fall below 2,000 USD/ounce and will quickly reach a new peak.
Nhung Nguyen
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