Gold bar price hits peak of 86 million VND/tael, highest in history

Specifically, the price of gold bars listed by SJC is 83.8 - 86 million VND/tael (buy - sell). At the same time, the price of gold bars listed by Doji Group is 83.8 - 85.5 million VND/tael.

Last weekend, on May 4, the gold price at SJC jumped to a peak of VND85.9 million/tael (selling price), while the highest price at Doji was VND85.8 million/tael.

Not only has the price of gold bars increased sharply, but the price of gold rings is also "hot" when it increased by nearly 1 million VND/tael compared to the weekend session. The price of gold rings is currently listed by Doji at 74.05 - 75.65 million VND/tael and SJC is listed at 73.2 - 74.9 million VND/tael.

Since the April 30 - May 1 holiday, the price of domestic gold bars has been continuously increasing. On the morning of May 2, the price was at a high of VND85.2 million/tael.

By the morning of May 3, before the news of the upcoming gold auction, the price had dropped slightly to VND85.1 million/tael. However, after the auction was canceled, the price immediately rebounded and reached VND85.8 million/tael.

Not stopping there, on May 4, the price of gold bars continued to set a new record when it climbed to 85.9 million VND/tael. And today, May 6, it reached a peak of 86 million VND/tael. Notably, the domestic gold price increased in the context of the world price continuously falling and only slightly recovering this morning.

Specifically, the world gold price on the morning of May 6 was listed on Kitco at 2,301 USD/ounce, up 1.5 USD/ounce compared to the beginning of the morning yesterday. Gold prices remained unchanged as the possibility of an interest rate cut this summer became increasingly unlikely.

At its recent policy meeting, the Fed decided to keep interest rates steady. Although it maintained its stance of easing monetary policy this year, the Fed warned that recent disappointing inflation data could force the Fed to delay a rate cut.

According to the World Gold Council's first quarter 2024 gold demand report, central banks bought 290 tonnes of gold in the first three months of the year, the strongest start on record.

In a recent interview with Kitco News, WGC Global Research Director Juan Carlos Artigas said that gold has proven to be a very strong diversifier and that is one of the main reasons why central banks continue to hold it.

Many major banks also predict that gold prices will continue to rise higher this year. Goldman Sachs has ignored the pressure of higher interest rates from the Fed on gold and forecasts that the price of the precious metal will rise to $ 2,700 / ounce by the end of this year.

“We are seeing a surge in demand from emerging market central banks and Asian retail investors, which we think are long-term drivers for gold prices,” Goldman’s head of metals research Nicholas Snowdon wrote in a recent note.

So even if interest rates remain high, we expect gold's rally to continue.”