SJC gold surpasses 68 million VND/tael, buyers have made a profit

SJC gold surpasses 68 million VND/tael

For a long time, the price of SJC gold has been “stuck” at the 67 million VND/tael mark. No matter how strongly the world gold price fluctuates, SJC gold still “holds” at this important mark.

Along with that is an undesirable phenomenon. Even though the price of SJC gold increases steadily after each session, buyers still continuously suffer losses because the slight increase is not enough to compensate for the large difference between the buying and selling prices (from 600,000 VND to 800,000 VND/tael).

However, on the morning of August 24, SJC gold solved two problems at the same time. While successfully conquering the 68 million VND/tael mark, SJC gold brought profits to gold buyers.

SJC gold exceeded 68 million dong, the number of buyers has returned, picture 1 — SJC gold price increased sharply, surpassing 68 million VND/tael. Buyers have started to make a profit after a long period of losses. Illustrative photo

Specifically, early in the morning, Saigon Jewelry Company – SJC listed the price of SJC gold at: 67.45 million VND/tael – 68.05 million VND/tael, an increase of about 150,000 VND/tael compared to the end of yesterday. Thus, SJC gold has successfully conquered the mark of 68 million VND/tael for selling in the afternoon.

At Doji Group, SJC gold price is bought and sold at: 67.30 million VND/tael - 68.10 million VND/tael. SJC gold price at Bao Tin Minh Chau increased by 110,000 VND/tael to 67.46 million VND/tael - 68.04 million VND/tael.

Phu Nhuan Jewelry Company – PNJ is a rare company that still has a selling price below 68 million VND/tael. Currently, the price of SJC gold at PNJ is traded at: 67.25 million VND/tael – 67.90 million VND/tael. However, this may change during the remaining time of the trading session on August 24.

Thus, those who bought gold at the end of last week were able to reap profits in the session on August 24. However, the profit was very modest.

Non-SJC gold prices also increased significantly. Bao Tin Minh Chau’s Thang Long Dragon gold price was traded at: 56.28 million VND/tael – 57.13 million VND/tael. At PNJ, the PNJ gold buying and selling price was: 56.10 million VND/tael – 57.10 million VND/tael.

World gold surpasses 1,900 USD/ounce mark

SJC gold price surpassed 68 million VND/tael after world gold price regained the 1,900 USD/ounce mark.

Gold prices rose 1% to a near two-week high overnight in the US, supported by falling US bond yields and a weaker dollar as investors looked ahead to the Jackson Hole symposium for guidance on interest rates.

Spot gold rose 1% to $1,916.20 an ounce after hitting its highest since Aug. 11. It was also poised to post its biggest daily percentage gain in more than a month.

US gold futures rose 1.1% to $1,948.10.

“Gold was oversold earlier and we think it’s recovering from some bargain hunting and then some short-covering,” said Bob Haberkorn, senior market strategist at RJO Futures. He added that a slight drop in yields is also helping gold.

Benchmark 10-year Treasury yields fell from a near 16-year high hit in the previous session, while the dollar fell after weak U.S. PMI data, making gold more attractive to holders of other currencies.

The S&P Global Composite Flash PMI in the US showed US business activity moved closer to stagnation in August, with growth at its weakest since February as new business demand in the vast services sector contracted.

Market participants will be focused on Federal Reserve Chairman Jerome Powell's speech at Jackson Hole on Friday for further clues on the path of interest rates.

According to the CME FedWatch Tool, the probability of the Fed keeping interest rates unchanged at its September meeting is now 88.5%.

Gold is highly sensitive to rising US interest rates, as they increase the opportunity cost of holding non-yielding bullion.

“People are expecting a continued hawkish tone from Chairman Powell,” said Daniel Ghali, commodity strategist at TD Securities, adding that it was too early for him to indicate that policy easing was coming.

“Market attention is now shifting from how high interest rates will rise to how long rates will stay high,” commented Daniel Ghali.

In the trading session this morning in the Asian market, the gold price continued to rise and remained stable above the 1,900 USD/ounce mark. The gold price increased by 2.8 USD/ounce, equivalent to 0.15% to 1,918.2 USD/ounce.

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