Gold rings bring a profit of 8 million VND/tael in 2023, higher than gold bars

World gold prices increased slightly in the first trading session of 2024, continuing to be supported by the prospect of interest rate reduction this year. The price of gold bars sold domestically this morning (January 2) was almost flat compared to before the New Year holiday, keeping a difference of more than 13 million VND/tael compared to the converted international price.

At 9 a.m., Phu Quy Group listed the price of SJC gold bars for the Hanoi market at 70.5 million VND/tael (buy) and 74 million VND/tael (sell).

Compared to yesterday, the price of SJC gold bars at this enterprise currently increased by 500,000 VND/tael on the buying side but did not change on the selling side. The gap between buying and selling prices of gold bars has remained at 3.5-4 million VND/tael in recent days, showing the caution of gold traders and the risks for investors if buying gold in times of change like the past.

Phu Quy brand 999.9 plain round gold ring costs 62 million VND/tael and 63.2 million VND/tael.

In the Ho Chi Minh City market, SJC Company quoted the price of gold bars of the same brand at 71 million VND/tael and 74 million VND/tael.

At the same time, the spot price of gold in the Asian market stood at 2,067.1 USD/oz, up 4.1 USD/oz compared to the closing level at the end of 2023 in the US market – according to data from the exchange. Kitco translation. This price is equivalent to about 60.8 million VND/tael if converted according to the USD selling exchange rate at Vietcombank.

The USD quote at Vietcombank this morning is 24,050 VND (buy) and 24,420 VND (sell), unchanged from before the holiday.

Compared to the converted world gold price, the retail price of SJC gold bars is about 13.2 million VND/tael higher, while the price of gold rings is 2.5 million VND/tael higher.

Last December, at the time of setting a record of over 80 million VND/tael, the retail price of SJC gold bars was nearly 20 million VND/tael higher than the international converted price. After the Prime Minister’s telegram sent to the State Bank on December 28 requesting to strengthen management measures to stabilize the gold market, gold bar prices have dropped sharply, shortening the difference with international prices.

World gold prices increased by about 13% last year, while the price of SJC gold bars sold increased by 7 million VND/tael, equivalent to an increase of about 10.5%. However, investors bought SJC gold bars at 67 million VND/tael at the end of last year and sold them at 70 million VND/tael recently for only a profit of 3 million VND/tael, equivalent to a profit of about 4.5%.

For gold rings, the price at the end of 2022 is about less than 53 million VND/tael for buying and nearly 54 million VND/tael for selling. The profit of investors holding gold rings over the past year will be about 8 million VND/tael, equivalent to nearly 15%.

Current developments  world gold in the past 10 years.  Unit: USD/oz -   Source: TradingEconomics.
World gold price developments over the past 10 years. Unit: USD/oz – Source: TradingEconomics.

Many experts predict that world gold prices will continue to increase this year.

“We expect gold prices to continue to rise in 2024, continuing last year’s surprisingly strong gains. Gold prices will be driven by hedge fund demand, continued purchases of physical gold by central banks, and, equally important, new demand from exchange-traded fund (ETF) investors. )”, Saxo Bank expert Ole Hansen commented to MarketWatch.

Investors poured $1 billion in net capital into the world’s largest gold exchange-traded fund (ETF) SPDR Gold Trust in November 2023, after continuously divesting from this fund since the beginning of the year.

A report by US bank JP Morgan predicts a new breakthrough in gold prices in the middle of this year, with a price of 2,300 USD/oz possibly established thanks to the expected interest rate cut by the Fed.

However, some experts still maintain a cautious view. “Gold prices may lose some of this year’s gains if inflation emerges, forcing the Fed to abandon its interest rate cut plan,” said Mr. Han Tan, director of market analysis at Exinity.

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