SJC gold and ring prices hit historical highs of over VNĐ100 million

SJC gold and ring prices hit historical highs of over VNĐ100 million

The surge is driven by a record-breaking streak in international gold prices.

SJC gold has witnessed record rallies since the beginning of the year. — VNA/VNS Photo

The domestic gold market continued to break record-levels yesterday, following global trends. 

At 3.30pm, SJC gold bars at Saigon Jewelry Company Limited (SJC) and DOJI were quoted at VNĐ97.8 million per tael (US$3,827.04) for sellers and VNĐ99.8 million per tael for buyers. Similarly, SJC gold bars at Phú Quý Group Bảo Tín Minh Châu were traded at VNĐ98 million for sellers and VNĐ99.8 million for buyers. 

SJC gold hit over VNĐ100 million per tael for the first time after the market opened in the morning trade. Specifically it was quoted at VNĐ98.6 million per tael for sellers and VNĐ100.4 million per tael for buyers. 

Prices have soared over 17 per cent since the beginning of the year. 

SJC gold has witnessed record rallies since the beginning of the year. — VNA/VNS Photo

Gold rings are also seeing strong growth, quoted at VNĐ97.7 million per tael for sellers and VNĐ99.7 million for buyers. Ring prices also hit VNĐ100 million per tael earlier in the session. 

The surge is driven by a record-breaking streak in international gold prices. 

The spot price of gold rose to hit a record high at $3,057.21 yesterday, after the US Federal Reserve signalled two possible interest rate cuts this year, adding to the bullion's appeal amid ongoing geopolitical and economic tensions.

Prices per ounce reached above the $3,000 threshold for the first time on March 14.

Given the strong increase in the market, experts have warned investors to be cautious before making any investing decisions. 

Bizhub