SJC gold surpasses 71 million VND/tael, gold rings increase dramatically

SJC gold surpasses 71 million VND/tael, gold rings increase dramatically

Maintaining the heat of recent sessions, early in the morning of October 20, the price of SJC gold increased by about 150,000 VND/tael. By early afternoon, the heat of this precious metal increased, the price of SJC gold officially reached the mark of 71 million VND/tael for selling in the afternoon.

Since early afternoon, Doji Group has adjusted the gold price up by 150,000 VND/tael to 70.10 million VND/tael – 71 million VND/tael. Thus, the buying price has exceeded 70 million VND/tael, the selling price has reached 71 million VND/tael.

At Phu Nhuan Jewelry Company – PNJ, the buying price of SJC gold is slightly higher at 70.20 million VND/tael. The selling price is 71 million VND/tael.

SJC gold price "gained momentum" to increase slightly in the morning session of October 20 and reached the mark of 71 million VND/tael right from the early afternoon. Meanwhile, the price of gold rings increased dramatically. Illustrative photo

The buying price of SJC gold at Saigon Jewelry Company – SJC has the highest buying price in the market, up to 70.40 million VND/tael. The selling price at SJC is also the highest, reaching 71.14 million VND/tael.

Bao Tin Minh Chau Gold and Gemstone Company is the only company that has not adjusted its selling price to 71 million VND/tael. The SJC gold price at Bao Tin Minh Chau is listed at: 70.30 million VND/tael - 70.98 million VND/tael.

It can be seen that the price of SJC gold has increased from 350,000 VND/tael to 450,000 VND/tael. However, the increase rate of SJC gold is still more modest than the price of ring gold.

In the morning session, the price of gold rings increased by 500,000 VND/tael. In the afternoon, the increase was further expanded.

The price of Thang Long Dragon gold at Bao Tin Minh Chau is currently trading at: 57.77 million VND/tael - 58.77 million VND/tael. At PNJ Company, the buying and selling price of PNJ gold is: 57.95 million VND/tael - 58.95 million VND/tael.

Gold prices increased sharply on October 20th – a day to honor women, so buying and selling activities were quite bustling. At Bao Tin Minh Chau, customers lined up to buy gold.

World gold price hits 3-month peak

SJC gold price reached 71 million VND/tael and gold ring price increased dramatically in the context of world gold reaching a 3-month peak when the conflict in the Middle East became increasingly tense.

Spot gold was up 0.2% at $1,978.19 an ounce after hitting its highest since July 20. U.S. gold futures added 0.5% to $1,989.90.

“There is concern that (the Israel-Hamas war) will escalate into a broader regional crisis, potentially a protracted conflict… So we are seeing investors seek safe havens,” said Kyle Rodda, financial markets analyst at Capital.

Israeli Defense Minister Yoav Gallant told troops gathered at the Gaza border on Thursday that they would soon see Palestinian land “from the inside,” implying that an expected ground war to destroy Hamas could be near.

Gold, often used as a safe store of value during times of political and financial uncertainty, rose 2.4% this week.

“Gold prices are supported as concerns about another Fed rate hike in 2023 ease. We remain neutral on gold prices in 2023, expecting prices to average $1,950/oz,” Fitch Solutions said in a note.

Fed Chairman Jerome Powell agreed “in principle” in his speech to the Economic Club of New York that the rate hikes are helping to further tighten financial conditions and “at the margin” could reduce the need for additional rate hikes.

Higher interest rates increase the opportunity cost of holding gold.

According to the CME FedWatch tool, markets are expecting the Fed to keep interest rates unchanged at its policy meeting next month.

Spot gold is expected to extend gains to around $1,998-$2,010 an ounce, as it has broken above the $1,972 resistance level, according to Reuters technical analyst Wang Tao.

Spot silver fell 0.4% to $22.94 an ounce but was on track for a second weekly gain. Platinum fell 0.3% to $888.34 and palladium rose 0.1% to $1,114.53.

Source: https://www.congluan.vn/vang-sjc-vuot-moc-71-trieu-dong-luong-vang-nhan-tang-soc-post269296.html