Gold price plummeted in the first week of the new year in the world, but in the country, only a small drop.
In the morning of 9.1, the price of gold bars at Saigon Jewelry Company (SJC) closed at the end of the week at the buying price of 61 million dong/tael and selling at 61.75 million dong/tael.
Compared to the first day of the New Year, SJC gold bar decreased by 50,000 VND/tael and the difference between buying and selling increased by 50,000 VND, to 750,000 VND/tael. Currently, SJC gold bars are still higher than the world by over 12 million VND/tael.
Meanwhile, gold rings of the same brand as 1-2 were bought by SJC only 52.1 million dong/tael and sold 52.8 million dong/tael, nearly 9 million dong/tael lower than gold bars. This is a distance of nearly 3 times compared to the difference of only around 3 million VND/tael between SJC gold bar and ring gold as at the beginning of 2021.
Thus, SJC gold bar is not only higher and higher than the world record but also higher than the world record. also set a record for the difference with gold rings of the same brand.
Gold rings are cheaper than SJC gold bars by nearly 9 million VND/tael.
World gold price closed at the end of the week at 1,797.5 USD/ounce, equivalent to 49.5 million VND/tael (excluding taxes and fees). Thus, the world gold has slid down from the threshold of 1,800 USD/ounce, but the domestic gold has only decreased by a small amount.
The precious metal fell after a week of nearly 2% after the US Federal Reserve (Fed) announced its December meeting, said it was ready to remove economic support measures faster than expected. That helped the USD and 10-year US government bond yields increase, pushing gold to fall deeper than expected.
The US report released over the weekend showed that the number of jobs created was less than expected but average hourly earnings increased. That leads some analysts to think that the Fed may see this as a signal to accelerate the tightening of monetary and fiscal policy. Markets are betting on an 80% chance of rate hikes in March after the Fed minutes are released.
There don't seem to be many factors for gold price to recover next week. With job gains lower than expected in December 2021, but with the US unemployment rate falling to multi-year lows, it's a mixed report, said Giovanni Staunovo, analyst at UBS Bank. suitable for gold...
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