On the morning of November 19, the price of SJC gold and ring gold reversed and exceeded 150 million.
On the morning of November 19, the price of SJC gold reversed and increased to over 150 million VND/tael. The world gold price rebounded strongly, thanks to the sell-off wave in the stock market.
On the morning of November 19, the price of SJC gold bars was listed by gold companies SJC, PNJ, DOJI at 148.7 - 150.7 million VND/tael in both buying and selling directions, an increase of 1.4 million VND/tael compared to yesterday.
There is a difference in the price of gold bars between businesses, such as Bao Tin Minh Chau Company bought 149.2 million VND; while Phu Quy Group bought only 147.7 million VND.
Meanwhile, the price of 99.99% SJC gold rings and jewelry gold only increased by VND600,000/tael to VND145.9 - 148.4 million/tael in both buying and selling directions.
In the international market, today's spot gold price is at 4,074 USD/ounce, up 64.47 USD/ounce in the past 24 hours.
Gold prices are on a strong uptrend as the global stock market sell-off spreads. Concerns about the possibility of the Fed cutting interest rates in December have investors looking for gold as a store of value. In the context of a slowing economy, gold prices have become a safe haven for many investors looking to hedge against risks.
Gold prices continue to be supported as the US labor market shows signs of slowing down and the AI technology bubble puts pressure on many stock groups. Capital flows into gold increase demand, pushing international gold prices to many new highs. With this context, gold prices are expected to fluctuate strongly in the coming time.
A key factor helping gold prices maintain a long-term upward trend is the gold accumulation by central banks. According to Goldman Sachs and Bloomberg, China added about 15 tons of gold to its foreign exchange reserves in September. The large purchases created additional momentum, contributing to raising gold prices on the international market.
In Vietnam, many investors hope that gold prices can cool down to narrow the gap with world prices. However, the gap between domestic and international gold prices is up to 19-21 million VND/tael. Although global gold prices have increased sharply, this gap remains at a level that is difficult for most buyers to access.
According to many experts, the domestic gold price is increasing because of limited supply. Vietnam has not imported raw gold to produce SJC gold bars or gold jewelry for many years, causing a shortage of supply in the market. The gold price is therefore always higher than the world average, creating pressure for both people and gold trading businesses.