Record "cheap" SJC gold

SJC gold price increases slowly

It has been about half a month since the price of SJC gold reached its peak of 71.6 million VND/tael. After reaching its peak, the main trend of SJC gold was a slight decrease and trading below the 71 million VND/tael mark.

On the morning of October 28, this precious metal regained the important milestone of 71 million VND/tael at a much slower rate than world gold.

Specifically, at Phu Nhuan Jewelry Company – PNJ, SJC gold price was traded at: 70.1 million VND/tael – 71 million VND/tael, an increase of 200,000 VND/tael compared to the end of yesterday. Thus, the buying price has regained the 70 million VND mark and the selling price has returned to 71 million.

SJC gold record price image 1 — World gold prices increased sharply, regaining the important milestone of 2,000 USD/ounce, but SJC gold prices only increased slightly and became a record "cheap" compared to world gold prices. Illustrative photo

The price of SJC gold at Saigon Jewelry Company – SJC also had similar developments. The price of SJC gold at SJC was bought and sold at: 70.20 million VND/tael – 71 million VND/tael.

Doji Group also adjusted the price of SJC gold up by VND200,000/tael to VND70.10 million/tael - VND71 million/tael. At Bao Tin Minh Chau, the price of SJC gold is traded at: VND70.22 million/tael - VND71 million/tael, also up by VND200,000/tael.

It can be seen that at different stores, the price of SJC gold does not have much difference. However, the price of non-SJC gold is "chaotic".

At Bao Tin Minh Chau, the price of Thang Long dragon gold is traded at: 58.43 million VND/tael - 59.38 million VND/tael. At PNJ, the price of PNJ gold is bought and sold at: 58.70 million VND/tael - 59.95 million VND/tael, half a million VND/tael higher than Thang Long dragon gold.

Record "cheap" SJC gold

Gold prices edged higher and were on track for a third straight weekly gain on Friday, supported by continued safe-haven demand fueled by tensions in the Middle East, while investors awaited next week's US Federal Reserve policy meeting.

Spot gold rose 0.5% to $1,993.69 an ounce and was up 0.7% for the week. U.S. gold futures rose 0.1% to $1,998.50. The precious metal continued to heat up in after-hours trading, reaching $2,005.60 an ounce.

At the world gold price of 2,005.6 USD/ounce, the converted SJC gold price is about 59.54 million VND/tael. Thus, the SJC gold price is "only" about 11.54 million VND/tael more expensive than the world gold price. In the first months of 2023, the common difference between the two markets fluctuated around 13-14 million VND/tael. At times, the SJC gold price was even 15 million VND/tael more expensive than the world gold price. However, the difference of 11.54 million VND/tael is still a very large number.

Gold has held on to almost all of its recent gains as the market remains extremely concerned about conflict in the Middle East, said Tai Wong, an independent metals trader based in New York.

Israeli forces launched their biggest ground offensive in Gaza in the 20-day war with Hamas overnight as Arab states condemned the bombardment. Safe-haven bullion has gained about 8%, or more than $140, since the war began on October 7.

“If the conflict escalates, there will be the prospect of more safe-haven buying… Gold investors will also be watching the outlook for US Treasury yields,” said Daniel Ghali, commodity strategist at TD Securities.

The Federal Open Market Committee meeting is scheduled for October 31-November 31. On January 1, traders expect a 98% chance that the US central bank will keep interest rates unchanged.

“In our view, the Fed is very likely to end its tightening campaign and this is already priced into the gold market,” Ghali added.

Data showed US consumer spending rose more than expected in September, helping the country continue to grow at a faster pace in the fourth quarter.

In the physical market, gold buying during major festivals in India improved this week, albeit at a slower pace than last year, as domestic prices hovered near record highs.

Spot silver rose 0.1% to $22.86 an ounce and was set for a weekly decline.

Platinum was steady at $900.24 and palladium lost 1.3% to $1,118.39, both metals on track for weekly gains.

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