(TBTCO) – This morning, the price of gold on the world market officially left the mark of 2,000 USD/ounce. Domestically, the mark of 74 million VND/tael has also officially receded. According to the World Gold Council, central banks continue to race to buy gold, with monthly net purchases reported at 42 tons in October.
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| Source: Rong Viet Online Services Joint Stock Company VDOS – Updated at 06:58 (December 12, 2023) |
World market
Surveyed at 5:00 a.m. today (Vietnam time), according to Kitco, spot gold price was at 1,980,670 USD/ounce, down nearly 20 USD/ounce compared to the same time yesterday morning.
Converted at the current exchange rate at Vietcombank, world gold costs about 57,185 million VND/tael (excluding taxes and fees). SJC’s gold bar price is still higher than the international gold price of 15,565 million VND/tael.
Domestic market
Along with the decline in world gold prices, domestic gold prices this morning at 5:00 a.m. on the trading floor, some brands also listed a decrease of 200 to 330 thousand VND/tael. The milestone of 74 million VND/tael was officially lost.
This session, most brands slightly adjusted their buying prices but adjusted their selling prices sharply. Particularly, SJC gold of the Vietinbank Gold brand was adjusted down to 350 thousand VND/tael in both buying and selling directions.
Specific prices of brands are as follows:
SJC gold in Hanoi is listed at 72.75 – 73.77 million VND/tael, this brand adjusted it to decrease by 50 thousand VND/tael on the buying side but down to 250 thousand VND/tael on the selling side.
DOJI Group’s 999 gold is listed at 72.6 – 73.9 million VND/tael (buy – sell); simultaneously reduced by 200 thousand VND/tael in both buying and selling directions.
PNJ brand is listed at 72.8 – 73.8 million VND/tael (buying – selling), down 200 thousand VND/tael on the buying side and 300 thousand VND/tael on the selling side.
Vietinbank Gold’s JSC gold was listed at 72.75 – 73.77 million VND/tael (buy – sell), simultaneously decreasing by 350 thousand VND/tael in both directions.
SJC gold price at Bao Tin Minh Chau Co., Ltd. was also traded at 72.75 – 73.65 million VND/tael (buy – sell).
This brand only reduced 70 thousand VND/tael on the buying side but reduced 200 thousand VND/tael on the selling side.
As for Bao Tin Manh Hai, it is being traded at 72.75 – 73.97 million VND/tael (buy – sell). This brand reduces 50 thousand VND/tael on the buying side but reduces up to 330 thousand VND/tael on the selling side.
Mi Hong Jewelry Company, SJC gold price is at 72.80 – 73.50 million VND/tael (buy – sell); simultaneously reduced by 300 thousand VND/tael in both buying and selling directions.
Forecast
Chris Gaffney, president of global markets at EverBank, said the market is on edge with interest rate expectations. The only risk to precious metals prices next year is the Fed having to maintain higher interest rates for longer.
Daniel Pavilonis, commodities broker at RJO Futures, said interest rates may pause adjustment. The precious metal will move sideways within the $2,000/ounce range this week.
Meanwhile, information from the World Gold Council (WGC) said that central banks continued to race to buy gold, with monthly net purchases reported at 42 tons in October./.
