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increased by nearly half a million by one tael

Each tael of SJC gold increased by nearly half a million tael to 69.5 million dong after the world price closed the week up by more than 15 USD to 1,945 USD an ounce.

This is the highest price of yellow pieces from the beginning of April until now when the previous price was approximately 68.5-69 million VND.

This afternoon (April 9), SJC Jewelry Company listed the price for buying and selling gold bars at 68.65 – 69.45 million VND per tael, an increase of 400,000-450,000 VND compared to yesterday. The price of SJC gold bars at other gold houses such as PNJ, Bao Tin Minh Chau… also increased by more than 400,000 VND per tael to 68.6 – 69.4 million VND per tael.

As for gold rings – an item that many people are interested in – it is traded around 5.5 – 5.6 million dong a piece, with a slight difference between gold houses.

After falling below 70 million dong since mid-March, the price of gold bars in recent months has not reacted strongly and has not yet regained the 70 million mark. Compared to the peak of 74.4 million dong set at the beginning of March, the price of SJC gold bar has decreased by nearly 7%.

However, some experts believe that gold is only going through a short correction after a strong rally. Concerned that the US economy shows signs of recession and the war between Russia and Ukraine continues to escalate, according to some experts, it could push gold prices to $2,000 right in the second quarter.

The precious metal will continue to benefit from safe-haven demand as uncertainty and volatility increase from Russia’s military campaign against Ukraine, analysts say. The fear in the global markets is helping gold prices to withstand headwinds such as rising bond yields and hawkish comments from Federal Reserve Chairman Jerome Powell. .

However, not all analysts are optimistic that gold prices can maintain the current upward momentum. Marc Chandler, managing director at Bannockburn Global Forex, said that rising bond yields could weigh on the precious metal.

Quynh Trang

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