Over the past week, the price of SJC gold bars at major systems has increased by 3 million VND/tael.
In a week until today, September 23, the price of SJC gold bars at large enterprises increased by 3 million VND/tael. At DOJI, the purchase price ranges from 130 million to 133 million VND/tael and the selling price ranges from 132 million to 135 million VND/tael.
Bao Tin Minh Chau also raised the purchase price from 130 million to 133 million VND/tael and the selling price from 132 million to 135 million VND/tael.
Phu Quy adjusted the buying price from 129.5 million to 132.5 million VND/tael and the selling price from 132 million to 135 million VND/tael. The difference between buying and selling at DOJI and Bao Tin Minh Chau remains at 2 million VND/tael, while Phu Quy maintains 2.5 million VND/tael.
Gold rings increased as well but the rate of differentiation between units. DOJI raised the price from 126.5-129.5 million to 128.5-131.5 million VND/tael, equivalent to an increase of 2 million VND/tael in both directions.
Bao Tin Minh Chau adjusted from 127.6-130.6 million to 129.3-132.3 million VND/tael, an increase of 1.7 million VND/tael per trip. Phu Quy increased from 126.5-129.5 million to 128.8-131.8 million VND/tael, equivalent to 2.3 million VND/tael for both buying and selling. The difference between buying and selling of gold rings at the systems is still around 3 million VND/tael.
Domestic developments closely followed the international trend when the world spot gold price increased from 3,679.7 USD/ounce to 3,779.3 USD/ounce, up 99.6 USD/ounce, equivalent to about 2.71%.
The main driver comes from expectations that the US Federal Reserve (FED) will soon cut interest rates in the context of a weakening USD, helping gold cheaper for investors holding other currencies.
The main drivers of the increase come from monetary policy expectations, the possibility of the Fed cutting interest rates and inflation risks, said Kyle Rodda, an analyst at Capital.com.
From a technical perspective, Kelvin Wong, senior expert at OANDA, said that the uptrend remains strong but there may be a short-term correction.
The market is paying attention to Fed Chairman Jerome Powell's speech at 11:35 p.m. tonight (Vietnam time) and the PCE personal consumption expenditure price index report released on September 27.
The CME FedWatch tool tool now reflects a high probability of the Fed cutting 25 basis points at its October meeting and is likely to continue cutting in December.
Expectations of policy easing, resonate with demand for shelter, have pushed world prices to new peaks and quickly spread to the domestic price list, bringing SJC to 135 million VND/tael, while gold rings increased simultaneously.
Although prices have increased rapidly, investors surfing need to be especially cautious as the difference between buying and selling is currently high: SJC generally rates 22.5 million VND/tael, gold rings about 3 million VND/tael.
With this difference, prices must increase accordingly to break even, while short-term fluctuations may have technical adjustments. Shopping at high prices, using loans or "surfing" during the day can easily lose costs and risk taking a position if the market turns around.
Investors should clearly define the holding period, manage risks and prioritize transparency of product origin and standards to avoid unexpected costs.
See more news related to gold prices HERE...
