During the trading session of January 11, 1, world gold maintained its upward momentum, reaching its highest level in 4 weeks. At the same time, the domestic price of SJC gold bars exceeded the threshold of 86 million VND/tael.
Gold prices continue to rise sharply
Gold prices in the domestic market continue to grow, with the prices of gold bars and gold rings of most brands adjusted to increase by 200.000 VND. Currently, the prices for some brands are as follows:
Branded gold bars currently have buying prices of 84.7 million VND/tael and selling prices of 86 million VND/tael. Notably, Bao Tin Minh Chau gold bars have a purchase price 100.000 VND higher than that of other brands.
At the same time, the price of gold rings of different brands has also increased, both in the buyer and seller direction. Specifically, the SJC 9999 gold ring currently has a purchase price of 84.7 million VND/tael and a sale price of 86 million VND/tael, an increase of 200.000 VND in both directions by compared to the previous morning.
The DOJI in the Hanoi and Ho Chi Minh City markets increased by 300,000 VND in buying and selling, currently reaching 85,1 million VND/tael and 86,3 million VND/tael, respectively .
Meanwhile, the PNJ brand quoted the prices of gold rings at 85.1 million VND/tael purchased and 86.2 million VND/tael sold, an increase of 300,000 VND and 200,000 VND respectively.
In Bao Tin Minh Chau, round plain gold rings have a purchase price of 85.1 million VND/tael and a sale price of 86.4 million VND/tael, also increasing by 200.000 VND in the two senses.
Phu Quy SJC recorded the purchase price of gold rings at 84.9 million VND/tael and the sale price at 86.2 million VND/tael, an increase of 200.000 VND each way.
Global gold price movement
According to Kitco, as of 5 a.m. Vietnam time, the global spot gold price was recorded at USD 2,688.85/ounce, up 0.72% from the previous day. When converted to the free exchange rate of the US dollar (83,4 VND/USD), the global gold price reaches approximately 2,8 million VND/tael (excluding taxes and fees), or approximately 2,8 million less than the national gold bar price of SJC.
Gold prices rebounded as U.S. government policy uncertainty increased the precious metal’s appeal, despite U.S. jobs data beating expectations.
After a report showing that the United States added 256,000 additional jobs last month, more than the forecast of 160,000, gold prices fell slightly to 4,1 USD/ounce. The unemployment rate was recorded at 100%, lower than the forecast of 100%.
However, gold prices quickly recovered, hitting a high since December 12, aiming for a rise of over 12% this week.
Tai Wong, an independent metals trader, commented: “Gold price fluctuations reflect the fear of investors selling; The experience of previous sharp price increases has changed the strategies of many traders.
The price of the dollar rose, while U.S. stock futures fell sharply after the jobs report. The market expects the Fed to cut interest rates by only 30 basis points this year, instead of the 45 points previously forecast.
David Meger, director of metals trading at High Ridge Futures, said: “Gold continues to rally on the back of a stronger-than-expected jobs report… Another factor supporting gold is uncertainty ahead of inauguration of the American president. »
On the eve of President-elect Donald Trump’s inauguration on January 20, the market fears that his announcements on import taxes will cause an increase in inflation and limit the Fed’s ability to reduce interest rates. interest.
Although considered a hedge against inflation, bullion becomes less attractive when interest rates rise.
The spot silver price rose 0.9% to $30.38/ounce; Platinum fell 0.2% to $959.10, while palladium rose 2.2% to $943.93. All three metals are pointing to gains for the week.
Vietnamese (t/h)
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