SJC gold bar price exceeds 75 million VND/tael, unprecedented high

Early this afternoon, the world gold price was at 2,041 USD/ounce, 30 USD/ounce lower (equivalent to 886,000 VND/tael) compared to December 2. However, the price of SJC gold bars set a new record.

At SJC Company, the selling price of SJC gold bars increased by 600,000 VND/tael compared to the end of yesterday, to 75.5 million VND/tael, buying price was 74.5 million VND/tael. Compared to yesterday morning, the price of SJC gold bars increased by 950,000 VND/tael.

At PNJ Company, the selling price of SJC gold bars also increased to the same level as the selling price at SJC Company: selling price 75.5 million VND/tael, buying price 74.5 million VND/tael.

The price of 9999 gold also increased quite strongly, selling at 62.4 million VND/tael, buying at 61.3 million VND/tael.

This price is only 400,000 VND/tael lower than the all-time peak.

Overall, since the beginning of the week, the price of SJC gold bars has increased by nearly 1 million VND/tael. With the current increase in gold prices, gold buyers have made big profits whether they bought at the beginning of the year or just recently.

At 2,041 USD/ounce, converted according to the listed exchange rate at the bank, the world gold price is equivalent to 60.3 million VND/tael.

Thus, compared to the converted world gold price, the price of SJC gold bars is 15.2 million VND/tael higher. Meanwhile, the price of gold rings is 2.1 million VND/tael higher than the converted world gold price.

According to analysts, world gold prices increased sharply due to support from the devaluation of the USD and falling US Treasury bond yields.

The Dollar Index has fallen nearly 2.9% over the past three months, while the yield on 10-year US Treasury bonds has fallen about 1.1% since late October.

Falling bond yields and a stronger US dollar provide a "double whammy" of support for gold prices.

Last week, the US Federal Reserve (Fed) signaled that it was about to cut interest rates. Fed officials expect three quarter-point rate cuts by 2024.

Market forecasters are pricing in the Fed cutting interest rates up to 6 times in 2024. Therefore, the world gold price could reach the threshold of 2,200 USD/ounce in the second quarter of next year.