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This morning, domestic gold trading brands adjusted the selling price of gold rings to the region of 89 million VND per tael. World gold prices also recorded a new peak.
On the morning of October 30, gold trading brands adjusted the price list of gold rings sold to the market. Meanwhile, the listed price of SJC gold bars remained unchanged at 87 - 89 million VND/tael.
Major brands such as SJC, DOJI, PNJ... are currently buying plain rings at prices ranging from 87 - 88.3 million VND/tael, equal to and 1.3 million VND/tael higher than the purchase price of SJC gold bars.
On the selling side, the price of each tael of plain rings increased to around 89 million VND/tael, approximately equal to the selling price of gold bars on the market.
This morning, SJC increased the selling price of plain rings by 300,000 VND/tael compared to yesterday, to 88.8 million VND. At DOJI, the selling price also increased by 300,000 VND, to 89.3 million VND/tael. At the same time, PNJ listed the selling price at 89 million VND/tael. This is the highest price range of plain rings ever.
Domestic gold prices follow the international market. The price of this precious metal on the international market increased by about 30 USD per ounce in the past 24 hours and set a record of over 2,780 USD.
Currently, the price of each ounce of gold is around 2,778 USD, converted according to Vietcombank's selling rate, equivalent to 85.3 million VND per tael. The difference between domestic and world gold prices is less than 4 million VND per tael.
Gold prices have increased more than 34% since the beginning of the year due to conflicts in the Middle East, the US presidential election and the US Federal Reserve (Fed) cutting interest rates.
Investors are now awaiting a slew of U.S. economic data due this week, including the jobs report and the personal consumption expenditures (PCE) price index, the Fed’s preferred inflation gauge, which could influence the Fed’s interest rate decision at its meeting on November 7.
Markets are now pricing in a 98% chance of a 25 basis point (0.25%) rate cut next month. "Gold prices will continue to trend higher, possibly even to $2,800 an ounce in the next few days, as the US election continues to weigh on the market and a Fed rate cut is almost certain," said Han Tan, market strategist at Exinity Group.
A recent survey suggests that gold's rally could extend into 2025.
Implementing the directions of the Government and the Prime Minister, based on current legal regulations, in recent times, the State Bank has coordinated with ministries, branches and localities to comprehensively deploy solutions to handle the high difference in gold prices between international and domestic prices, stabilize the gold market, and contribute to stabilizing the macro-economy.
In particular, it is recommended that the Ministry of Public Security, the Ministry of Industry and Trade, and the Ministry of Finance strengthen inspection, supervision, and monitoring according to their assigned functions, tasks, and powers; strictly handle violations of the law such as gold smuggling across the border, manipulation, profiteering, etc., causing instability in the gold market; organize direct bidding and sale of gold bars to supplement the supply of SJC gold bars to the market.
With the implemented solutions, the difference between domestic gold price and converted world gold price has decreased significantly.
In the coming time, the State Bank will continue to implement solutions to control the difference between domestic and international gold prices at an appropriate level under the direction of competent authorities.
