Expert comments when SJC gold bar price hits new peak of 124.7 million VND/tael

SJC gold bar price is 17.7 million VND/tael higher than world gold price

At the end of today, the world gold price was at 3,357 USD/ounce. Converted according to the exchange rate listed at the bank, the world gold price is equivalent to 107 million VND/tael.

Meanwhile, the selling price of SJC gold bars this afternoon was at 124.7 million VND/tael, 300,000 VND/tael higher than the recent peak. The buying price of SJC gold bars was at 122.7 million VND/tael. The difference between buying and selling prices was widened to 2 million VND/tael.

The selling price of 9999 gold rings at SJC Company at the end of today increased by 200,000 VND/tael, selling at 119.3 million VND/tael, buying at 116.8 million VND/tael.

Compared to the price of SJC gold bars, the price of 9999 gold rings is 5.4 million VND/tael lower for selling and 4.9 million VND/tael lower for buying.

Compared to the converted world gold price, the price of SJC gold bars is 17.7 million VND/tael higher.

Previously in April, the price of SJC gold bars reached a record of 124 million VND/tael when the world gold price peaked at 3,500 USD/ounce, but at this peak, the world gold price was only around 3,350 USD/ounce.

According to expert Tran Duy Phuong, the reason why the price of SJC gold bars is being pushed up is due to the supply factor. The demand for gold is increasing, while the supply is somewhat limited, because for many years, businesses have not been licensed to import raw gold.

Therefore, although the Prime Minister has directed to reduce the difference between domestic and world gold prices to around 1-2%, domestic gold prices have not been able to decrease to this level for many months.

The gap between domestic and world gold prices is widening.

Expert Tran Duy Phuong said that for more than two months, the world gold price has been "stuck" in the range of 3,250 - 3,450 USD/ounce and when it reached this threshold, it quickly turned around and decreased due to profit-taking selling pressure.

"There are two factors that have driven up the world gold price recently: tariffs and interest rates. Regarding tariffs, the outcome has been decided. Recently, 90% of countries have completed tariff negotiations with the US and in the near future, countries like India, Japan, etc. will certainly have negotiations on mutual tariffs to remove and cool down tariffs," said expert Tran Duy Phuong.

In addition, the process of cutting interest rates by major central banks in the world is almost complete, so in the near future, gold will lose this supporting factor. Geopolitical tensions are also gradually cooling down. According to Mr. Phuong, in the near future, the cash flow will be shared and strongly differentiated when the stock market and the cryptocurrency market grow strongly.

Another factor putting pressure on gold prices is the high possibility that financial institutions, investors or ETFs will take profits and wait to return to the market at a more attractive price range, thereby pushing gold prices down sharply.

"In the near future, the gold price will likely weaken and fall to $3,200/ounce, or even $3,000/ounce," Mr. Phuong predicted.