SJC gold bar price increased sharply by 1.2 million VND/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, as of this morning, the selling price of SJC gold bars is now 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, ring gold at Doji is priced 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.

SJC gold bar price increased sharply by 1.2 million VND/tael. (Illustration photo).

Domestic gold prices increased in the context of the world gold price today "taking off" to increase by 37 USD/ounce compared to the early morning yesterday, reaching the threshold of 2,609 USD/ounce. Gold prices rebounded when the USD's increase slowed down. Meanwhile, market participants are waiting for moves from some Fed officials this week, to know more about the US interest rate roadmap.

Additionally, the yellow metal rose after US President Joe Biden authorized Ukraine to attack Russia with long-range missiles provided by the US.

IG market strategist Yeap Jun Rong said gold prices will recover slightly after the recent sharp sell-off and he expects prices to move higher after several 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 will recover and may climb to 2,600 - 2,625 USD/ounce before the end of the week. Therefore, investors should not sell at a loss because the possibility of gold price recovery is very high.

In a world of growing 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.

Cong Hieu

Source: https://vtcnews.vn/gia-vang-mieng-sjc-tang-manh-1-2-trieu-dong-luong-ar908235.html