The world gold price decreased slightly after reaching the peak last weekend, but 9999 gold rings on the morning of September 23 remained at the historical peak set last weekend. Thus, since the beginning of the year, 9999 gold rings have increased by about 17.5 million VND/tael.

At around 9:30 a.m., SJC Company increased the price of 9999 gold rings by VND200,000 for both buying and selling compared to the end of last week, to VND79.1 million/tael for buying and VND80.4 million/tael for selling. PNJ Company remained at the peak price set at the end of last week: VND79.5 million/tael for buying and VND80.55 million/tael for selling. Similarly, Bao Tin Minh Chau Company still listed at VND79.39 million/tael for buying and VND80.54 million/tael for selling. Thus, the price of 9999 gold rings on the market remained at VND80.55 million/tael.

The price of SJC gold bars remained unchanged this morning. SJC, PNJ, and Doji Group all listed the price at 80 million VND/tael for buying and 82 million VND/tael for selling. The price remained unchanged compared to the end of last week.

The selling price of SJC gold at 4 State-owned commercial banks (BIDV, Agribank, Vietcombank and Vietinbank) this morning is still listed at 82 million VND/tael.

Thus, since the beginning of this year, the price of 9999 gold rings has increased by about 17.5 million VND, equivalent to more than 25%. Meanwhile, after the State Bank implemented many solutions to bring SJC gold closer to world gold, SJC gold increased by about 5 million VND/tael, equivalent to about 5%.

On the world gold market, the spot gold price on Kitco on the morning of September 23 (Vietnam time) was at 2,620 USD/ounce, down 2 USD compared to the closing price in New York last weekend. This price after conversion is equivalent to 78.35 million VND/tael, lower than SJC gold by about 3.65 million VND/tael and lower than 9999 ring gold by about 2.2 million VND/tael.

World gold prices have slightly decreased after setting new records last week, after the US Federal Reserve (FED) cut interest rates by 0.5%. Experts said that looser monetary policy than economists expected and forecasts of further cuts boosted demand for gold - a risk-averse asset. However, the yield on 10-year US government bonds increased, making the gold market more cautious.

Nhung Nguyen