From a level lower than the world gold price of nearly half a million dong per tael in early February, up to now, the price of 9999 gold jewelry is about 1.3 million dong more expensive per tael.
In the afternoon session of February 13, the price of gold bars at Saigon Jewelry Company listed the buying price at 66.5 million VND/tael and selling at 67.35 million VND/tael, down 50,000 VND/tael. dong per tael in both directions compared to the end of yesterday.
As for Phu Nhuan Jewelry Group (PNJ), the reduction for SJC gold bars is 100,000 VND/tael, anchoring the buying and selling price at 66.4 – 67.2 million VND/tael.
Meanwhile, the system of Mi Hong gold stores widened the margin to decrease by 150,000 VND/tael in the buying afternoon and 200,000 VND/tael in the selling afternoon compared to the closing price of the previous session, the current trading price of SJC gold bars. here is 66.55 – 67.1 million VND/tael.
For 24K smooth round gold rings, the buying and selling prices fluctuated widely at 53.9 – 54.6 million VND/tael, an increase of 100,000 VND/tael compared to yesterday.
In the world market, after a series of falling prices from the beginning of February, causing precious metal to fly nearly 100 USD/ounce, equivalent to a decrease of about 2.8 million VND/tael, gold is still motionless around 1,865 USD/ounce. . Converting at the exchange rate at banks, the international gold price is equivalent to nearly 53.3 million VND/tael.
Compared with the price of SJC gold bar and gold jewelry 9999, the international price of gold converted is about 14 million dong/tael and 1.3 million dong/tael, respectively.
In January this year, the world gold price increased by about 130 USD / ounce to 1,950 USD / ounce – marking the strongest increase of January in more than a decade.
However, since the beginning of February until now, in addition to the strong profit-taking action, the world gold price has also been under pressure to reduce prices for 3 consecutive weeks because the dollar is returning and the Fed is still tough with the view. USD interest rates will remain high for a long time, which is weighing on gold prices.
Investors are now focused on the US inflation report due out this week. This could be the next big catalyst for gold prices, analysts say.
Besides, recent central bank buying of gold has supported the gold price rally and the market is waiting to see if that trend will continue.
Many professional gold investors in the commodity market think that if central banks are still actively collecting gold, holding gold when the price is above 1,800 USD/ounce still feels secure.
According to the Gold Demand Trends report released by the World Gold Council, in 2022 alone, central banks added 1,136 tons to their foreign exchange reserves, worth about $70 billion.