Saigon Jewelry Company – SJC increased the price of gold bars by 500,000 VND per tael, buying at 137.1 million VND, selling at 139.1 million VND. Phu Quy Company also increased by 500,000 VND per tael, buying at 136.5 million VND, selling at 139.1 million VND. Phu Nhuan Jewelry Joint Stock Company (PNJ) increased by 500,000 VND per tael, buying at 137.1 million VND, selling at 139.1 million VND… This is the highest price of gold ever.
The price of gold rings also increased by 500,000 VND per tael, Phu Quy Company bought at 133.2 million VND, sold at 136.2 million VND; SJC Company bought at 132.9 million VND, sold at 135.7 million VND; PNJ Company bought at 132.9 million VND, sold at 135.9 million VND…
Gold prices increased sharply, setting a new record
PHOTO: NGOC THACH
The price of gold in the world market increased sharply by 16 USD per ounce, reaching 3,902 USD, the record high of the precious metal reached 3,920 USD. The failure of the US Congress to pass a new budget bill has not yet had a big impact on the economy. But the longer this political deadlock lasts, the greater the ultimate impact will be.
Gold is entering its seventh consecutive week of gains, its longest streak since the beginning of the year. The main reason comes from large cash flows into the precious metal market as investors seek safe havens amid escalating economic and political instability.
Marc Chandler, CEO of Bannockburn Global Forex, said the US government shutdown has raised concerns about the negative impact on the US economy and this is providing strong support for gold prices. The $4,000/ounce mark may not be far away. Speculation about Europe reusing Russia’s gold reserves and conflicts in the European region are adding psychological support to the precious metals market.
According to analysts, central banks and institutional investors around the world have maintained a net buying status of gold, reinforcing the sustainable upward trend of the price of this precious metal. However, some experts warn that if China temporarily stops buying gold, the price may be under strong downward pressure.
In the context of the volatile global economy, gold is becoming an effective defensive tool for institutional investors. The weakening of the USD and fears of a recession in the US further strengthen the role of gold as a “safe haven” in the international market.
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