VINACHEM

The global gold price has reached a historic peak, causing domestic gold prices to continue to rise on the morning of March 6. SJC gold has once again reached the milestone of VND81 million per tael.

At approximately 9 a.m. in Ho Chi Minh City, Doji Group increased the SJC gold price by VND200,000 for both buying and selling compared to the previous day, reaching VND78.95 million per tael for purchases and VND80.95 million per tael for sales. Simultaneously, in Hanoi, SJC Company listed prices at VND79 million per tael for purchases and VND81.02 million per tael for sales, rising by VND200,000 for both buying and selling rates.

This morning, the price of 9999 gold rings continued to climb, reaching record highs for many listed companies. Specifically, in Ho Chi Minh City, SJC Company raised prices by VND50,000 for both buying and selling rates compared to the previous day, reaching VND66.6 million per tael for buying and VND67.8 million per tael for selling.

PNJ Company also increased prices by VND100,000 for buying and VND150,000 for selling, reaching VND66.6 million per tael for purchases and VND67.85 million per tael for sales. These prices mark the highest rates for 9999 gold rings from these two companies to date.

This morning, in Hanoi, Bao Tin Minh Chau Company set a record high for 9999 gold ring prices at VND67.43 million per tael for purchases and VND68.63 million per tael for sales. This is the company with the highest trading prices for 9999 gold rings in the current market.

In the global gold market, spot gold prices on the Kitco exchange reached a new peak on the morning of March 6 (Vietnam time), trading at US$2,125.6 an ounce, up $14 from yesterday morning. After conversion, this price translates to approximately VND63.7 million per tael, which is lower than the price of SJC gold by about VND17.3 million per tael and lower than the price of 9999 gold rings by approximately VND4 - 4.9 million per tael.

Gold prices have soared to historic highs as the market anticipates monetary policy easing by the Federal Reserve (FED) and central banks of major economies worldwide in June 2024. Analysts predict that with this expectation, gold could reach $2,300 an ounce in the second quarter of 2024. Furthermore, gold is increasingly valued as a safe-haven asset amid escalating conflicts in the Middle East.  – SGGP –