This morning (December 20), Saigon Jewelry Company (SJC) increased the price of gold bars by 500,000 VND to 74.4 - 75.4 million VND per tael. The buying and selling difference remains 1 million VND per tael.
At other gold trading brands such as DOJI and PNJ, SJC gold bar prices are also listed similarly. Thus, from the beginning of the week until now, each amount of gold bars has increased by millions of dong. Compared to the beginning of the year, SJC gold bars increased by nearly 8.5 million VND per tael, equivalent to an increase of 12.5%.
Gold bars, according to traders, are mainly traded at SJC's system while jewelry is the most traded item at other gold houses.
The price of plain round rings and jewelry this morning also continued to increase by several hundred thousand per tael, equal to the record set at the end of November. DOJI listed the price of plain round rings to 61.55 - 62.5 million VND; 24K gold jewelry increased to 61.15 - 62.25 million VND. And at PNJ, gold rings increased to 61.2 - 62.2 million; 24K gold jewelry increased to 61.1 - 61.9 million VND.
Customers buy gold idol rings at the SJC store at noon on December 20. Photo: Quynh Trang
Prices increased but market transactions were not very exciting. Recorded at lunchtime at SJC Nguyen Thi Minh Khai (District 3, Ho Chi Minh City), there were more than a dozen customers buying and selling, mainly gold rings and jewelry. Among them, there are customers who buy 5 taels of gold figurine rings for investment, and many others buy gold rings and jewelry for the wedding season. An employee here said that the number of transactions at the store today is not too different from usual.
Domestic gold prices go up mainly according to world developments. The precious metal today sometimes increased by nearly 20 USD to 2,047 USD an ounce, before returning to the area of 2,037 USD. Converted according to Vietcombank's selling exchange rate, the world gold price is equivalent to 60.17 million VND per tael, about 2 million VND lower than gold jewelry and 15.2 million VND lower than domestic gold bars.
Currently, investors are waiting for US economic data released this week to have clearer comments on the interest rate roadmap of the US Federal Reserve (Fed). Currently, precious metals are still anchored high and are expected to benefit in the context of the Fed admitting that inflationary pressures continue to decline, increasing expectations of interest rate cuts.
Quynh Trang
