Gold price increased by 150,000 VND per tael
Gold price today in the domestic market increased sharply. (Photo: Investment Newspaper)
Recorded at 9:55 am, Saigon Jewelry Company listed gold price SJC in Hanoi market was at 68.8 – 69.72 million dong/tael (buy in – sell out), an increase of 100,000 dong/tael in both directions compared to yesterday’s close.
At DOJI Jewelry Group Joint Stock Company, the price of SJC gold increased by 150,000 VND/tael in the buying afternoon and 100,000 VND/tael in the selling afternoon compared to the end of yesterday. Currently, SJC gold is trading at 68.75 – 69.6 million VND/tael (buy in – sell out).
At Bao Tin Minh Chau Co., Ltd., the company adjusted up the price of SJC gold by 150,000 VND/tael in the buying direction and 140,000 VND/tael in the selling direction. After the adjustment, the listed price of SJC gold traded at 68.87 – 69.64 (buy in – sell out).
World gold price
Currently, gold is still a safe investment channel when world inflation is high. (Photo: Bloomberg)
On the international market, gold price traded at 1,849 USD/ounce, up 10 USD/ounce compared to yesterday morning. After a sharp drop yesterday morning, investors took advantage of the opportunity to catch the bottom, causing the demand to increase and push the gold price up.
In addition, the weakening stock market caused the cash flow to shift from this risky asset to a safer haven rather than gold, which was also the reason for the precious metal’s price to rise this morning. Currently, gold is still a safe investment channel when world inflation is high.
Many countries are raising interest rates to cool down inflation. In the past three months, central banks have announced more than 60 interest rate hikes, the most since 2000.
The US Federal Reserve (FED), the Bank of England (BOE) ended decades of ultra-loose monetary policy and responded to price escalations by raising interest rates. in successive meetings.
Strategist at Blue Line Futures Phillip Streible said that gold still has a lot of room to increase as the precious metal gradually adapts to interest rate adjustments.
“Gold can hold the price at $1,850/ounce in the near term. Therefore, investors will be attracted to the stability of gold as uncertainty is everywhere,” he said.
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