In recent trading sessions, domestic gold prices have surged at an impressive rate, significantly outpacing global gold price increases. On November 25, 2023, SJC’s gold prices showed marked increases shortly after market opening.
Domestic Gold Prices Surge
At the start of the trading day, SJC gold was listed at 150.4 million to 152.4 million VND per tael, an increase of 2 million VND per tael for both buying and selling prices. Within an hour, prices rose further by 500,000 VND per tael, with the buying price reaching 150.9 million VND and the selling price hitting 152.9 million VND.
Price Movements Across Dealers
- SJC: 150.9 million VND (buy), 152.9 million VND (sell)
- DOJI, PNJ, Ngoc Tham: Maintained same price levels at SJC’s rates.
- Bao Tin Minh Chau: Selling price at 152.9 million VND; buying prices ranged from 150.4 million to 151.5 million VND.
- Mi Hong: Unique increase pattern with selling prices at 152.9 million VND and buying prices at 151.5 million VND.
Compared to the closing rates on November 24, average price increases across various brands ranged from 2.3 million to 2.5 million VND per tael.
Price Increase in Gold Rings
In the market for “4-nines” gold rings, increases in buying and selling prices were generally between 2.4 and 2.6 million VND per tael. Notably, only one dealer decided to maintain their previous prices from the day before.
- Buying and selling prices for gold rings saw an increase of approximately 1.6% to 1.7% compared to November 24.
- Ngoc Tham was unique in keeping their gold ring prices stable.
SJC’s gold ring prices opened the day at 148 million to 150.5 million VND per tael. This was followed by a further increase of 500,000 VND per tael, with closing prices hitting 148.5 million to 151 million VND.
Comparative Prices Among Dealers
Both DOJI and PNJ listed their gold ring buying price at 148.7 million VND, while the selling price stood at 151.7 million VND, marking a 2.6 million VND increase from the previous day.
- Bao Tin Minh Chau and Bao Tin Manh Hai approached a selling price of 153 million VND.
Across all examined brands, price movements for gold rings showed significant increases with an average gain of approximately 2.4 million VND per tael.
Global Market Context
As of November 25, 2023, global gold prices also saw a notable increase. Futures prices climbed nearly 0.3%, reaching approximately 4,148 USD per ounce. The exchange rate at Vietcombank indicated that local gold prices were about 19.51 million VND higher than their global counterparts.
For “4-nines” gold rings, the discrepancy in pricing varied from 11.11 million to 19.51 million VND among different brands. This trend illustrates the disparity in domestic versus international gold pricing in the current market.
