Thang Long Dragon Gold breaks all records, SJC gold is about to reach 71 million VND

Thang Long Dragon Gold breaks all records, SJC gold is about to reach 71 million VND

From the early morning of November 21, the gold market has fluctuated strongly in an upward trend. Among them, Thang Long Dragon Gold of Bao Tin Minh Chau Jewelry Company attracted the most attention when it broke all records.

Specifically, at Bao Tin Minh Chau, the price of Thang Long dragon gold is being traded at an unprecedented high: 59.78 million VND/tael - 60.73 million VND/tael, an increase of more than 200,000 VND/tael compared to the end of yesterday.

Although both are non-SJC gold, Thang Long Dragon gold is much higher than PNJ gold of Phu Nhuan Jewelry Joint Stock Company. PNJ gold is being bought and sold at: 59.30 million VND/tael - 60.40 million VND/tael. It can be seen that Thang Long Dragon gold is nearly half a million VND/tael more expensive than PNJ gold.

Rong Thang Long Gold, New Record SJC Gold is about to reach 71 million VND, shape 1 — While the price of Thang Long Dragon gold broke all records, aiming for the mark of 61 million VND/tael, the price of SJC gold increased sharply, almost returning to 71 million VND/tael. Illustrative photo

SJC gold price also increased sharply and is heading towards the 71 million VND/tael mark.

At Bao Tin Minh Chau and PNJ, SJC gold price is listed at: 70.26 million VND/tael - 70.90 million VND/tael, up 280,000 VND/tael and 70.20 million VND/tael - 70.95 million VND/tael.

At Doji Group, SJC gold price also increased by nearly 300,000 VND/tael and reached 71 million VND/tael when trading at: 70.25 million VND/tael - 70.95 million VND/tael. This is also the price listed by Saigon Jewelry Company - SJC.

The gold market has been quite volatile in recent times, but currently, this precious metal is gradually regaining its upward trend. The focus of the market is the “heating up” of non-SJC gold.

Since last week, non-SJC gold has recorded a stronger increase than SJC gold. However, the difference between the buying and selling price of this type of gold is still very high: VND950 million at Bao Tin Minh Chau and VND1.1 million at PNJ. Therefore, buying non-SJC gold still brings many risks to investors.

World gold price "roller coaster"

Domestic gold prices increased sharply while world gold prices were still "rolling", sometimes increasing sharply, sometimes decreasing sharply.

Last night, in the US market, gold prices fell sharply due to pressure from rising US Treasury bond interest rates, while investors were waiting for the minutes of the last meeting of the US Federal Reserve (FED) to know the signal about the central bank's interest rate roadmap.

Spot gold fell 0.1% to $1,978.23 an ounce, reversing losses from earlier in the day. Spot gold rose as high as $1,993.29 on Friday. U.S. gold futures fell nearly 0.2% to $1,981.10.

“Technically, we’ve seen gold hit resistance and move back into range-bound trading with slightly higher interest rates being the catalyst here,” said Bart Melek, head of commodity strategy at TD Securities.

He added that the Fed will maintain its view that monetary policy will be inflation-dependent and will keep interest rates high for as long as necessary. Minutes of the Fed meeting will be released on Tuesday.

Data last week raised hopes that the Fed could start easing monetary conditions sooner than expected after a slowing jobs market and weaker-than-expected consumer inflation report. Lower interest rates put downward pressure on the dollar and bond yields, boosting the appeal of non-yielding bullion.

The precious metals rally has lost momentum and needs new fundamental impetus. Rising U.S. Treasury yields are pushing the U.S. dollar lower and higher crude oil prices are keeping buyers of gold and silver at bay, analysts at Kitco Metals said in a report.

The dollar fell nearly 0.5% to a more than 2-1/2-month low against a basket of its rivals, limiting gold's losses today.

Holdings of SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, rose 1.5% on Friday. Elsewhere, spot silver fell 1.7% to $23.33 an ounce, while platinum rose 0.3% to $901.60. Palladium rose 2.2% to $1,076.19 an ounce.

However, immediately after the gold price dropped sharply, bottom-fishing demand appeared, causing this precious metal to quickly reverse. In the trading session this morning in the Asian market, the world gold price increased by 11.9 USD/ounce to 1,989.5 USD/ounce. Before that, there was a time when gold hit a low of only 1,965 USD/ounce.

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