Following the world trend, the domestic price of SJC gold bars increased sharply by 1.2 million VND per tael.

Yesterday, November 18, the State Bank of Vietnam (SBV) announced the selling price of gold bars at 4 commercial banks and SJC Company at 83.5 million VND/tael.

However, by this morning, the selling price of SJC gold bars had reached 84.7 million VND/tael, an increase of 1.2 million VND/tael. Currently, the trading price of SJC gold bars is listed at 81.7 - 84.7 million VND/tael (buy - sell).

Meanwhile, the price of gold rings at Doji is at 82.9 - 83.9 million VND/tael (buy - sell); and at SJC it is 81.5 - 83.7 million VND/tael (buy - sell), an increase of about 700,000 VND/tael.

Domestic gold prices increased in the context of world gold prices today increasing by 37 USD/ounce compared to early this morning, reaching 2,609 USD/ounce.

Gold prices rebounded as the dollar’s ​​rally stalled, while market participants await comments from several Fed officials this week for more information on the path of U.S. interest rates.

IG market strategist Yeap Jun Rong said that gold prices will recover slightly after the recent sharp sell-off and he expects gold prices to move higher after a number of reversals in the US dollar.

“We can expect US policymakers in December, when the Fed is likely to keep rates unchanged in January. This is not yet fully priced in by the market, so any correction could be a headwind for gold,” said Yeap Jun Rong.

World experts believe that gold prices will recover and may climb to $2,600 - $2,625/ounce before the end of the week. Therefore, investors should not sell at a loss because the possibility of gold prices recovering is very high.

In a world of increasing economic and political instability, gold could soon recover as a traditional safe investment channel and a hedge against inflation.

Alex Kuptsikevich, senior analyst at FxPro, assessed that the geopolitical crisis in the Middle East and the Russia-Ukraine conflict are still key factors helping gold prices increase again.