Gold prices in the domestic market on Wednesday maintained an upward trend, hitting a record high of VNĐ74.4 million per tael.
Opening the day, the domestic gold price continued to surge by VNĐ0.5-1 million per tael after the international gold price rose for the fourth consecutive session on Tuesday to hit a six-month high.
Specifically, SJC gold price at the Phú Nhuận Jewelry Company’s shops surged by VNĐ500,000 per tael to VNĐ73.1-74.3 million per tael, officially breaking the peak in March 2022.
Prices of jewellery gold (or 9999 gold) listed at the Phú Nhuận Jewelry Company also increased by VNĐ500,000 per tael to VNĐ61.1-62.2 million per tael, the highest ever level.
Similarly, Saigon Jewelry Company also raised its gold bar price to VNĐ73.2-74.4 million per tael, an increase of VNĐ1.1 million per tael compared to the previous day.
The price of 9999 gold at the Saigon Jewelry Company also increased by about VNĐ400,000 per tael to VNĐ61.15-62.25 million per tael.
The buying price also increased by VNĐ600,000 per tael and the selling price surged by VNĐ1.1 million per tael at Doji Group.
Phú Quý Company also listed SJC gold price to increase by VNĐ550,000 per tael for buying and VNĐ900,000 for selling.
Since the beginning of this month, the price of SJC gold has surged by about VNĐ3.5 million per tael, while the price of 24k gold has also increased by about VNĐ3 million tael.
Gold hit a six-month high on Tuesday as a softer dollar and expectations of a pause in the Federal Reserve's monetary tightening helped bullion consolidate above the key US$2,000 an ounce level.
Spot gold was up 1.4 per cent at $2,041.55 per ounce on Tuesday, after reaching its highest since May 10. US gold futures also settled 1.4 per cent higher at $2040 an ounce.
The dollar (DXY) hovered near a three-month low, making greenback-priced gold less expensive for holders of other currencies.
Experts forecast gold is likely to trade around $2,000 for a little bit until the market gets some more information from the US Federal Reserve (Fed) on its plan on interest rates.
Gold will trade higher if they are done with rate hikes for the time being, said Bob Haberkorn, senior market strategist at RJO Futures told Reuters.
Traders widely expect the US central bank to hold rates in December, while pricing in about a 50-50 chance of easing in May next year, CME's FedWatch Tool shows.
Lower interest rates reduce the opportunity cost of holding non-interest-bearing assets, often boosting gold prices.
As gold prices have surged, many local gold holders have sold the asset to take profits in recent days. — VNS
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