Gold price in 2023 dances wildly, increasing to 12.8 million VND/tael

SJC gold price "dances" crazily in just one day

In January 2023, the domestic gold price was only around 65.65 - 66.65 million VND/tael (buy - sell). During the first 10 months of the year, this precious metal continuously "danced", but it was not until the last days of the year that the gold price really showed its heat.

As of 6:30 p.m. on December 26, the domestic gold price had increased to about 77.2 - 79.5 million VND/tael, an increase of 11.55 million VND/tael for buying and 12.85 million VND/tael for selling. The difference between buying and selling gold also increased from 1 million VND/tael to 2.3 million VND/tael.

Notably, these days, the gold price in 1 day is also continuously updated by business units in a wide range. This morning (December 26), the gold price at DOJI was at 77.6 million VND/tael; the selling price was 78.9 million VND/tael. This price increased by 1.4 million VND/tael for buying and 1.6 million VND/tael for selling compared to the opening of the previous trading session.

By 6:30 p.m. today, DOJI had adjusted the buying price down by VND400,000/tael and the selling price up by VND600,000/tael compared to the opening of the morning trading session.

Meanwhile, over the past year, the gold price at Saigon Jewelry Company SJC increased by 11.4 million VND/tael for buying and 12.2 million VND/tael for selling.

At 6:30 p.m. today, Saigon Jewelry Company SJC listed the gold price at 77.4 - 79.2 million VND/tael (buy - sell). Compared to the opening of the same trading session, this unit adjusted the buying price down by 600,000 VND/tael and increased the selling price by 200,000 VND/tael.

World gold prices receive many supporting factors

For the world market, this precious metal has increased by nearly 240 USD/ounce. As of 6:30 p.m., the world gold price listed on Kitco was at 2,063.8 USD/ounce.

While the domestic gold price is extremely "hot", the price of this precious metal in the world market has changed very little. Although it has not increased, the precious metal is said to still have many supporting factors.

David Meger, director of metals trading at commodities trading firm High Ridge, said the Fed’s recognition of continued easing inflation pressures has increased expectations of rate cuts, causing bond yields and the US dollar to fall sharply, leading to an increase in gold prices. “We believe the current uptrend in gold is a sustainable rally,” he said.

According to MarketWatch, gold prices are also being supported by central banks' demand for gold and increased physical gold demand in Asia at the end of the year.

Meanwhile, Blue Line Futures strategist Phillip Streible said gold prices will continue to be supported by the weakening of the US dollar. The recent technical breakout could push gold prices to the threshold of 2,100 USD/ounce.

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