Gold bar prices hit all-time high

(Baohatinh.vn) - Domestic gold bars are sold by companies at 126.6 million VND, the highest price ever.

Gold bars were sold by brands at 126.6 million VND, the highest price ever, 19 million VND higher than the world price.

On the morning of August 23, Saigon Jewelry Company (SJC) increased the price of gold bars by 1.2 million VND compared to yesterday, listed at 125.6 - 126.6 million VND per tael, the highest ever. PNJ, DOJI , Bao Tin Minh Chau and state-owned banks also increased the selling price of this precious metal similar to SJC. The difference between buying and selling prices is 1 million VND.

For plain gold rings, SJC increased the price by 1 million VND per tael compared to yesterday, listed at 118.5 - 121 million VND, also the highest in history. PNJ and Bao Tin Minh Chau both sell this item at a lower price than SJC.

Bao Tin Minh Chau listed this type of gold at 117.6 - 120.6 million VND. PNJ set its buying and selling prices lower than SJC by 500,000 VND and 100,000 VND respectively. Meanwhile, DOJI bought and sold gold rings at a higher price than the three brands mentioned above, listed at 118.5 - 121.5 million VND per tael.

Domestic gold prices increased in line with the international market. At the end of the trading session on August 22, the world spot gold price increased by 33 USD to 3,370 USD per ounce. Converted according to Vietcombank's selling rate, the price of this precious metal is equivalent to 107.7 million VND per tael, nearly 19 million VND lower than the domestic price.

The gold market has been buoyed by expectations that the US Federal Reserve (Fed) will cut interest rates in September, following comments from Fed Chairman Jerome Powell. At the agency's annual conference in Jackson Hole on August 22, Mr. Powell said that the change in the balance of risks could cause the Fed to change its policy stance. However, he did not commit to doing so. The chairman acknowledged that risks to the labor market are increasing, but at the same time warned that inflationary pressures remain.

"Powell surprised the market by leaving open the possibility of a September interest rate cut. This caused a series of assets to increase in price, including gold," said Tai Wong, an independent precious metals trader.

Source: https://baohatinh.vn/gia-vang-mieng-tang-cao-nhat-tu-truoc-den-nay-post294206.html