On the morning of May 5, the price of SJC gold bars at Eximbank was bought at 66.7 million VND/tael, sold at 67.1 million VND, a decrease of 200,000 - 300,000 VND compared to yesterday. Saigon Jewelry Company - SJC kept the buying price of gold bars unchanged at 66.6 million VND, sold at 67.2 million VND. Similarly, SJC's 4-number-9 gold rings also remained unchanged at 56.15 million VND and sold at 57.2 million VND - the highest peak ever, although the world gold price was still lower than the old peak.
The international gold price at the beginning of the day was still hovering around 2,051 USD/ounce as yesterday morning. However, in the trading session on May 4, there was a time when the precious metal skyrocketed to 2,072.19 USD/ounce, close to the record high of 2,072.49 USD/ounce set in March 2022.
Gold rings stand at record high prices even though the world has not yet reached its old peak
More than a year ago, when the world's precious metal set a record price, each tael of SJC gold bars in the country also soared to a record high of 74 million VND and was 18 million VND more expensive than the world price. At the same time, the difference between buying and selling prices was also pushed up to more than 3 million VND/tael. However, currently, SJC is only nearly 9 million VND more expensive than the world price and the difference between buying and selling prices is also maintained at a low level of 600,000 VND. The strange thing is that at that time, each tael of SJC 4-number 9 gold ring was only maintained at nearly 56 million VND/tael, but now it has set a new record in price.
Precious metals began to rise immediately after the US Federal Reserve (Fed) continued to raise interest rates by 0.25 points, bringing the federal funds rate to 5 - 5.25% and accompanied by a message that it would stop raising this year. At the same time, the tension in the US banking system made investors worried and more money flowed to gold. According to CNN , at the end of May 3, the financial market had information that the PacWest regional bank based in California was evaluating strategic options, including the possibility of selling itself, which means the bank went bankrupt. The most recent bank to announce that it was considering a strategic option was First Republic, which was taken over by US regulators on May 1, selling most of its assets to JPMorgan.
Daniel Ghali, commodity strategist at TD Securities, said the overnight surge in gold prices related to banking sector tensions showed investors were ready to increase their holdings of the precious metal...
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