Gold price skyrocketed to 71 million VND/tael, forecasted to surpass the old peak in 2022

Surveying the gold price at 17 pm this afternoon, the price of 9999 gold bars at SJC and Doji listed as follows: SJC Hanoi: 70.2 million dong/tael (buy in) – 71 million dong/tael (sold out). SJC HCMC: 70.3 million VND/tael (buy in) – 71 million VND/tael (sold out). Doji Hanoi: 70.35 million VND/tael (buy in) – 71 million VND/tael (sold out). Doji Ho Chi Minh City: 70.3 million VND/tael (buy in) – 71 million VND/tael (sold out).

The increase in domestic gold price as of this afternoon is from more than 1 million dong to 1.35 million dong/tael in both buying and selling directions.

Thus, gold price increased again to 71 million dong/tael after more than 5 weeks. Before that, gold had a time up to 74.4 million dong and then fell for three consecutive sessions to 68.1 million dong and struggled around this level.

The reason for the increase in the domestic precious metal market mainly came from the world price rising by 14.9 USD to 1,989.1 USD. Converting at Vietcombank’s exchange rate, each domestic amount is about 15 million dong higher than the world’s.

According to a Kitco survey of 13 Wall Street analysts, nearly half predict gold prices will go up this week. 31% think the price is falling and the rest are neutral.

Many analysts have pointed to the technical progress that gold has made after breaking above $1,980 per ounce. They see this as a sign of strong interest in the metal, contributing to further pushing prices higher.

Analysts at market research firm Sevens Report Research said that in the near future, the outlook for gold prices remains optimistic and may surpass the peak of $2,054 per ounce set in 2022.