SJC gold bar price on the morning of November 29 increased rapidly according to world developments, surpassing the old peak set in March last year.
At 10 a.m., Saigon Jewelry Company (SJC) increased its purchase price by 700,000 VND to 73.2 million VND per tael. This is the highest buying price in SJC's history, surpassing the peak period in March last year after the Russia-Ukraine war broke out.
On the selling side, each tael of SJC gold increased by 900,000 VND compared to yesterday, to 74.4 million VND, on par with last year's record level.
In other gold and silver trading systems, SJC gold bar prices set a new record. DOJI Jewelry Group, gold bar price increased to 73.2 million VND on the buying side and 74.6 million VND on the selling side. Phu Nhuan Jewelry Company (PNJ) listed at 73.2 - 74.5 million VND.
This morning's smooth round ring gold also continued to go up and created a new peak. Each amount of branded plain round rings at SJC, DOJI, PNJ has far exceeded the mark of 62 million VND. At Bao Tin Minh Chau, the buying and selling price of plain round rings increased to 61.9 - 62.9 million VND.
On the international market, the spot gold price increased to 2,047 USD per ounce, converted at the Vietcombank selling exchange rate, equivalent to 60.1 million VND per tael, 2.5 million VND lower than domestic gold rings and 14 million VND lower than gold bars. 5 million.
This is the third week in a row that precious metal prices have increased while the USD has weakened amid expectations that the US Federal Reserve (Fed) has ended its interest rate hike. Currently, weak US economic data strengthens investors' confidence in the scenario of peak interest rates and the Fed will soon cut interest rates. In the minutes of the November monetary policy meeting, Fed officials agreed that raising interest rates would only be necessary if the process of reducing inflation in the coming time slows down... Experts agree that precious metals are being supported. Great support from the expectation that the Fed's policy will "pivot".
Besides, gold is also supported by the demand of central banks and increased demand for physical gold in Asia at the end of the year. In October, India imported more gold than forecast, reaching a 31-month high.
"Combined with the recent decline in US Treasury yields, hopes of a Fed pivot and the depreciation of the USD, gold is in a favorable position and has the potential to set a new record," Director Goldseek's Peter Spina told Market Watch.
Quynh Trang
