Hanoi [Vietnam], February 11: The price of gold bars has increased by 15 million VND per tael compared to the beginning of February. The price of the precious metal quickly rebounded after a sharp decline.
The difference between the buying and selling price of SJC gold bars remains high at 2.5 - 3 million VND per tael. Saigon Jewelry Company (SJC) buys at 178 million VND and sells at 181 million VND. ACB buys at 178 million VND and sells at 180.5 million VND. Mi Hong Company increased its buying price by 300,000 VND to 178.5 million VND and its selling price by 200,000 VND to 181 million VND. The price of SJC gold bars remains unchanged from before, standing at a high level. Compared to the beginning of February, the price of gold has increased by 15 million VND/tael.
Similarly, the price of gold rings remained unchanged compared to before. Phu Quy Company bought at 177.5 million VND and sold at 180.5 million VND. SJC Company bought at 177.5 million VND and sold at 180.6 million VND.
World gold prices rose $19 per ounce to $5,045. However, during the US trading session (night of February 10th), world gold prices briefly surged to $5,079 per ounce before quickly falling to $4,988.5. Gold rebounded as recent US economic indicators reinforced expectations of a more easing policy by the Federal Reserve. A series of weaker economic activity indicators, including sluggish retail sales in December, a 0.1% decline in the benchmark GDP, jobless claims falling to their lowest level since 2020, and private sector job growth falling short of forecasts, all suggest declining demand and easing inflationary pressures.
The market is currently reflecting expectations of at least two interest rate cuts this year, providing broad support for non-yielding precious metals. White House economic adviser Kevin Hassett acknowledged that job growth is likely to slow in the coming months due to demographic challenges. These developments have dampened interest rate expectations and reinforced the underlying argument for monetary easing later this year.
Demand for gold from the public sector remains strong, with the People's Bank of China extending its consecutive gold purchase streak to 15 months in January. Geopolitical uncertainty continues to fuel safe-haven flows as US-Iran tensions persist despite exploratory diplomatic talks, limiting downside risk.
Source: Thanh Nien Newspaper
