Each tael of gold rings was added 1 million VND, reaching the highest price ever at 82.5 million VND/tael. Meanwhile, SJC gold bars continued to move sideways at 83.5 million VND.
In the ongoing trading session in the world, the spot gold price has increased by more than 10 USD level up $2,661 /ounce. Gold futures for December delivery jumped to nearly 30 USD , up to 2,682 USD /ounce.
The weakening of the US dollar contributed to the rise in gold prices. The US dollar fell 0.43%, bringing the US dollar index - a measure of the greenback's strength against six major currencies - to 100.3 points.
Another driver of gold’s surge is the recent recalibration of monetary policy by the US Federal Reserve. Last week, the world’s largest central bank cut its benchmark interest rate by 0.5%, bringing the federal funds rate down to 4.75-5% per year.
Investors have flocked to gold as a safe-haven asset not only to cope with the Fed's policy shift but also with the deteriorating economic situation.
The latest Conference Board survey showed a significant 6.9-point drop in US consumer confidence, the largest monthly decline in three years.
All five components of the index, including assessments of business and labor conditions, stock prices, interest rates, inflation expectations and consumer plans, recorded declines.
At the same time, escalating geopolitical tensions have added to the anxiety, with investors now turning to gold as a traditional “hedge asset” against uncertainty.
Following the continuous increase in world gold prices, the domestic price of 9999 gold rings has also set a 5th session of price increase.
This morning, each tael of gold ring was added by the business by a million dong, raising the selling price to people to over 82 million dong/tael, a record so far.
Specifically, Saigon Jewelry Company Limited (SJC) traded 99.99 gold rings of type 1-5 at only 80.8 - 82.3 million VND/tael, corresponding to an increase of 800,000 VND in buying and 1 million VND in selling.
Phu Quy Group adjusted the price of gold rings to increase by 600,000-800,000 VND in both buying and selling directions, currently listed firmly at the price range of 81.4 - 82.5 million VND/tael. This is also the highest selling price range on the market for gold rings recorded at the present time.
Also this morning, Bao Tin Minh Chau increased the buying price of plain round gold rings by 1.04 million VND to 81.58 million VND/tael and increased the selling price by 840,000 VND to 82.48 million VND/tael.
Mi Hong Company also adjusted the price of 999 gold rings to 81.5 - 82.3 million VND/tael, an increase of 600,000 VND for buying and 900,000 VND for selling.
Meanwhile, the price of SJC gold bars this morning did not record any further fluctuations. Currently, gold businesses are trading this item at 81.5 - 83.5 million VND/tael (buy - sell).
Also this morning, 4 state-owned banks (BIDV, Agribank, Vietcombank, VietinBank) listed the selling price of SJC gold bars to people at 83.5 million VND/tael.
This is also the highest price that SJC gold bars have recorded since the State Bank of Vietnam (SBV) intervened to sell gold to stabilize the price to people in June.
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