Gold prices surged this morning, November 29th, due to a technical glitch.
Gold prices surged to $4,237 per ounce after a technical glitch paralyzed many financial markets, driving a strong flow of safe-haven funds into the precious metal.
World gold prices surged sharply due to a rare incident.
This morning, November 29th, Vietnam time, the world gold price closed the week at $4,237 per ounce, an increase of $50 compared to yesterday. After converting using the Vietcombank exchange rate, the world gold price is equivalent to 132.3 million VND per tael (excluding taxes and fees).
The sudden surge in prices stemmed from a serious technical issue at the data center of CME Group, the operator of the world's largest derivatives exchange.
When the system went down, futures and options trading on the Chicago Exchange was completely halted, causing disruptions in the stock, foreign exchange, bond, and commodity markets.
The incident caused a series of important futures contracts to be "frozen." This anxiety led investors to seek refuge in gold as a safe haven, driving gold prices up sharply in a short period of time.
This surge in gold prices reflects the market's growing concern over geopolitical uncertainties and risks to the global financial system. Amidst disruptions in many markets, the precious metal continues to solidify its position as a leading safe haven.
Domestic gold prices are rising rapidly, breaking historical highs.
Following the global upward trend, domestic gold prices also recorded impressive growth. On the morning of November 29th, SJC gold bars were listed by businesses at 152.9 - 154.9 million VND/ounce (buying price - selling price), an increase of 700,000 VND/ounce compared to the previous morning's session.
In just a few days, the price of SJC gold bars has increased by 4.5 million VND compared to the end of last week and is only 300,000 VND/ounce away from breaking the highest peak ever set in October.
Along with gold bars, the price of plain gold rings also increased. Specifically, gold rings weighing 1-5 taels from SJC company were listed at 150.6 - 153.1 million VND/tael, an increase of 1.2 million VND/tael compared to the opening price yesterday morning.
At PNJ, the price of gold rings is listed at 151-154 million VND/ounce, an increase of 1.2 million VND/ounce. After months of maintaining a price higher than SJC gold bars, the company has adjusted the price of gold rings to be lower than that of gold bars.
Phu Quy plain gold rings are listed at 150.7 - 153.7 million VND/ounce, an increase of 700,000 VND/ounce compared to yesterday's closing price.
Doji listed the price of gold rings at 149.8 - 152.8 million VND/ounce, an increase of 400,000 VND/ounce compared to the closing price yesterday.
