On the morning of December 19, business brands simultaneously increased the price of gold pieces by several hundred thousand per tael.
At 10:45, each tael of gold bars was increased by 200,000 VND by Saigon Jewelry Company (SJC) in the buying direction, to 73.6 million VND per tael, the highest level ever and 400,000 VND higher than the peak. established at the end of November. Other brands such as DOJI or PNJ also raised the purchase price to a record of 73.5 million VND per tael.
On the selling side, each tael of gold bars was quoted by SJC at 74.6 million VND, 100,000-200,000 VND higher than the old peak. Other brands such as DOJI or PNJ are also anchored around this level, equal to the record level nearly a month ago.
Gold bars, according to traders, are mainly traded at SJC's system while jewelry is the most traded item at other gold houses.
This morning, plain round rings and jewelry increased at businesses and stores, but have not yet exceeded the record set at the end of November. DOJI listed the price of plain round rings to 61.2 - 62.1 million VND; 24K gold jewelry increased to 60.8 - 61.85 million VND. And at PNJ, gold rings increased to 60.95 - 62 million; 24K gold jewelry increased to 60.95 - 61.7 million VND.
The rise of domestic gold prices also agrees with the world. At the opening session of the week, international gold prices sometimes increased by nearly 15 USD to 2,032 USD per ounce, before falling to 2,022 USD. If converted according to the Vietcombank selling exchange rate, the world gold price is equivalent to 59.8 million VND per tael, 2.2 million VND lower than domestic gold rings and 14.8 million VND lower than gold bars.
Precious metals benefited after the US Federal Reserve (Fed) announced to keep interest rates unchanged for the third consecutive time, and expected interest rates at the end of next year to be lower than currently.
"The Fed's admission that inflationary pressures continue to decline has increased expectations for interest rate cuts. Lower interest rates will cause the USD and US bond yields to fall sharply. This is beneficial for gold and silver. We think gold's current upward momentum is sustainable", David Meger - Director of Precious Metals Trading at High Ridge Futures commented on Reuters.
On the foreign exchange market, the official domestic exchange rate has tended to increase rapidly in the last two days even though the USD Index has moved sideways. This morning, Vietcombank listed the USD trading price at 24,160 - 24,530 VND, an increase of 120 VND compared to last weekend. The black market USD price is around 24,650 - 24,750 VND.
Quynh Trang
