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Tag: gold

  • Gold ring price edges higher

    Gold ring price edges higher

    Saigon Jewelry Company gold ring price rose by 0.07% to VND75.65 million (US$2,972.21) per tael Wednesday morning.

    Gold bar price was stable at VND76.98 million per tael. A tael equals 37.5 grams or 1.2 ounces.

    Globally, gold prices were flat on Wednesday as investors awaited minutes of the Federal Reserve’s last policy meeting for fresh cues on when the U.S. central bank will start cutting interest rates, overshadowing a strong domestic jobs report.

    Spot gold was little changed at $2,331.97 per ounce. U.S. gold futures gained 0.3% to $2,340.20.

    The gold market has been steady and holding in a narrow range for a few weeks now, said Marex analyst Edward Meir, adding that bullion prices might move higher later this year with all the elections up in the air.

    Ahead of the release of the Fed minutes, Chair Jerome Powell said on Tuesday the United States was back on a “disinflationary path,” but policymakers needed more data before cutting rates to verify that recent weaker inflation readings provided an accurate picture of the economy.

    Lower interest rates reduce the opportunity cost of holding non-yielding bullion.

    “There’s a clear path for gold to outperform from here, likely fueled by Western flows. Conversely, in the event that central bank demand drops drastically, rates remain high for longer and Asian investor sentiment flips, we could see a pullback in the second half,” the World Gold Council said in its mid-year outlook report.

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  • Chinese people rush to gold amid uncertain economy, crisis-ridden real estate market

    Chinese people rush to gold amid uncertain economy, crisis-ridden real estate market

    People in China have been turning to gold despite rising prices as the precious metal is deemed the best safe haven asset amid economic uncertainties and a crisis-hit property sector.

    Prices of the yellow metal have gained about 11% in the year to date, Business Insider reported.

    Despite this, Caibai, a renowned jewelry store in Beijing, China, has seen more and more customers, many of whom have no great wealth and only modest savings, buying gold as a way to safeguard their wealth amid economic uncertainties, as reported by French newspaper Le Monde.

    As China struggles to recover from several years of pandemic and reels from a property sector in crisis, gold remains the best safe haven asset for its citizens.

    “It’s reliable. People think it’s the best investment. There was also real estate and the stock market, but today people are hesitant, whereas gold has continued to rise,” Wang Anmei, a salesman at Caibai, explained.

    The demand for safe havens has pushed China’s gold consumption up 5.94% from a year earlier to 308.91 tons in the first quarter of 2024, according to data from the China Gold Association cited by state-owned daily newspaper China Daily.

    The gold rush is not only seen among people in China, but its central bank has also been snapping up the precious metal.

    According to industry association World Gold Council, the People’s Bank of China (PBOC) purchased 225 tons of gold in 2023, the most for a single year since at least 1977.

    This also makes PBOC the world’s largest institutional buyer of gold, the association said.

    The central bank had been snapping up the yellow metal for 18 straight months before pausing last month when spot gold prices hit a record high of $2,449.89 per ounce, official data showed on Friday.

    It had actually started to slow purchases in April, when it bought just 1.87 tons of the precious metal, down from 4.98 in March and 12.1 in February.

    Nonetheless, industry players said that they are expected to resume buying yellow metal once prices ease.

    “They are just waiting and watching. If prices correct to the US$2,200 per ounce level, they will resume again,” David Tait, CEO of the World Gold Council (WGC), told Reuters.

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  • Vietcombank enables online registration for gold purchases

    State-owned Vietcombank has introduced an online registration system for gold bar purchases starting Wednesday.

    Customers can register to buy gold from 9 a.m. daily and collect their orders in the afternoon.

    Vietcombank said that it promises to keep all customer information confidential and only use it for gold bar transactions.

    Vietcombank assures that all customer information will remain confidential and will only be used for gold bar transactions. This initiative makes Vietcombank the first of the four state-owned banks to offer online registration for gold purchases.

    At other state-owned banks, such as Agribank, BIDV, and VietinBank, customers still need to queue for tokens in the morning and return in the afternoon to collect their gold.

    Since earlier this month, long queues have been seen at these banks as the State Bank of Vietnam (SBV) began distributing gold bars through them. Some customers have been lining up as early as 4 a.m. to secure tokens, with each branch serving only 20-40 customers per day.

    The SBV recently confirmed that there is sufficient gold to meet retail demand. However, the bank noted that some individuals have been hiring others to queue in order to hoard gold and drive up prices. Consequently, the SBV has requested government officials to investigate signs of speculation.

    The price of Saigon Jewelry Company gold bars has remained steady at nearly VND77 million ($3,026.37) over the past four days, approximately 8.5% higher than the global rate.

  • Government advisers want gold transactions taxed

    Government advisers want gold transactions taxed

    Advisers to the State Bank of Vietnam (SBV) have proposed taxing gold transactions to prevent speculation and price manipulation.

    “Taxing gold will reduce the demand of some buyers, especially those who buy to speculate and to manipulate price”, said Nguyen Thi Mui, a member of the Financial Policy Advisory Council, at a meeting with the SBV on Sunday.

    She added that taxing gold buyers will urge them to invest in other assets and eventually lower gold prices, which will also ensure fairness with non-gold investors.

    Le Xuan Nghia, former deputy chairman of the National Financial Supervisory Committee, said that taxing is the most efficient measure to prevent smuggling.

    “It is sometimes even more effective than administrative policies in preventing smuggling”.

    Gold has been the most profitable asset this year, with a 22% gain in five months that exceeds that of bank deposits, stocks, and bonds.

    Analysts have said that the lack of safe-haven assets have urged people to buy gold while property recovery is slow and stocks have yet to be popular among the majority of the population.

    Gold prices have been since last week as the central bank began selling gold bars through four state-owned lenders at prices lower than market rates to narrow the gap between domestic and global rates.

    Gold is now at VND76.98 million ($3,028.32) per tael, unchanged since Friday.

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  • Gold prices inch up

    Gold prices inch up

    Saigon Jewelry Company gold bar price rose 0.22% to VND89.7 million ($3,522.76) per tael Monday morning.

    Gold ring price increased by 0.07% to VND76.45 million per tael. A tael equals 37.5 grams or 1.2 ounces.

    Globally, gold prices on Monday drifted higher from a two-week low hit in the previous session as traders gauged fading hopes of U.S. interest rate cuts ahead of a key inflation report due later this week.

    Spot gold was up 0.5% at $2,346.31 per ounce, having touched its lowest since May 9 at $2,325.19 on Friday.

    U.S. gold futures rose 0.6% to $2,347.60.

    Bullion hit a record high of $2,449.89 earlier last week, but has shed more than $100 since then.

    “I suspect gold can manage a small bounce from current levels before retesting the $2,280-$2,300 zone, which could see losses extended if U.S. data continues to outperform,” said City Index senior analyst Matt Simpson.

    The core personal consumption expenditures price index (PCE), the U.S. Federal Reserve’s preferred inflation measure, is due on Friday.

    Bullion is known as an inflation hedge, but higher rates increase the opportunity cost of holding non-yielding gold.

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  • Gold prices soar to new high

    Gold prices soar to new high

    Saigon Jewelry Company gold bullion prices rose by 0. 35% to VND86.2 million (US$3,390.2) per tael Monday morning, surpassing the previous peak of VND85.8 million achieved last Friday.

    Gold ring prices went up by a more modest 0.13% to VND74.9 million per tael. A tael equals 37.5 grams or 1.2 ounces.

    The State Bank of Vietnam has been unable to narrow the price gap because its gold auctions have been canceled several times due to low participation as businesses deemed its floor prices to be too high.

    Globally, gold price (XAU/USD) loses its recovery momentum around $2,295 on Monday during the early Asian session.

    Investors will keep an eye on Fedspeaks this week, along with the first reading of the US Michigan Consumer Sentiment Index for May this Friday

    The precious metal climbed to $2,320 after the US Employment data was released last Friday due to the downbeat US economic data but erased its earlier gains after the hawkish remarks from the Fed.

    Gold price trades on a softer note near $2,295 on Monday.

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  • HSBC to Launch Tokenized Gold

    HSBC to Launch Tokenized Gold

    London-headquartered HSBC is actively exploring various opportunities to convert real-world assets into digital form. One such area is tokenized gold, which it will introduce tomorrow to its retail segment.

    HSBC will launch tokenized gold to its retail clients tomorrow, said Hong Kong chief digital officer Bojan Obradović during a panel at the Milken Institute Global Investor’s Symposium. This will mark the first form of tokenized real-world asset that HSBC is introducing to the segment.

    Within this area, Obradović noted that the British lender was also exploring tokenization of other assets like funds or bonds. In addition, it is investing in distributed ledger technology (DLT) and developing capabilities in digital money such as central bank digital currencies, tokenized deposits and stablecoins.

    According to Obradović, the genesis of DLT or blockchain technologies was the creation of bitcoin. He named three critical effects as a result including the formation of alternative money; the development of a digital asset that is unique and cannot be copied; and exposure to the power of blockchain networks that can store and transfer assets instantly with no underlying company behind.

    Bitcoin is considered one of the most prominent computer science innovations of recent times, he commented on a panel at the event hosted by US think tank Milken Institute. «When we think about DLT or blockchain, we think that it has a strong potential to be a mainstream component of future financial markets.

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  • Gold heads up after plunge

    Gold heads up after plunge

    Saigon Jewelry Company gold bar price rose 0.75% to VND81.1 million ($3,283.73) per tael Thursday.

    Gold bar plunged 2.42% Wednesday after reaching a new historic peak of VND82.5 million.

    The gold ring price increased VND0.88% to VND69 million per tael on Thursday. A tael equals 37.5 grams or 1.2 ounces.

    Globally gold prices traded flat in early Asian trade hours on Thursday, within close range of record-high levels on a broadly weaker dollar, as traders awaited more economic data that could steer hopes for a mid-year rate cut by the U.S. Federal Reserve.

    Spot gold was flat at $2,173.89 per ounce. U.S. gold futures dipped 0.1% to $2,178.20.

    The Fed is expected to hold rates steady at its policy meeting next week, but the focus will be on the ‘dot plot’ projections. The U.S. central bank in its December meeting pencilled three-quarter-point rate cuts for 2024.

  • Pandora switches to 100 per cent recycled gold and silver

    Pandora switches to 100 per cent recycled gold and silver

    Pandora has shifted to using recycled silver and gold for all of its jewelry, a move it said will avoid significant greenhouse gas emissions.

    The new strategy aims to reduce 58,000 tons of carbon dioxide every year. According to the company, the carbon footprint of recycled silver is one-third compared to mined silver, while recycling gold emits less than 1 per cent of the carbon emissions from mining new gold.

    The target was previously set for 2025, but has been achieved early thanks to the strong commitment from the firm’s suppliers.

    Suppliers have had to switch their operations to only source materials that are certified recycled according to the Responsible Jewelry Council Chain of Custody.

    Pandora currently produces its jewelry with 97 per cent recycled silver and gold and is expected to increase to 100 per cent from this year’s second half.

    “Precious metals can be recycled forever without any loss of quality. Silver originally mined centuries ago is just as good as new, and improved recycling can significantly reduce the climate footprint of the jewelry industry,” said CEO Alexander Lacik.

    The Copenhagen-based company sells its products in more than 100 countries through more than 6500 points of sale, including some 2500 concept stores.

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  • Gold prices gain

    Gold prices gain

    Saigon Jewelry Company gold bar price went up 0.26% to VND76.65 million ($3,113.95) per tael Wednesday morning.

    Gold ring price was stable at VND64.05 million per tael. A tael equals 37.5 grams or 1.2 ounces.

    Globally gold prices inched lower on Wednesday, as hawkish comments from Federal Reserve officials and strong U.S. data doused hopes for early interest rate cuts, while investors awaited a slew of economic reports this week for more clarity on rate trajectory.

    Spot gold fell 0.2% to $2,024.46 per ounce. U.S. gold futures were unchanged at $2,025.50.

    “Recent economic data out of the U.S. has called for some recalibration in dovish market rate expectations, with some pushback on the timeline for Fed rate cut weighing on gold’s appeal,” said IG market strategist Yeap Jun Rong.

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  • Gold prices return to near historic peak

    Gold prices return to near historic peak

    SJC gold prices Monday continued its upward trend and is now close to its historic peak secured last week.

    Gold bar rose 0.54% to VND74.4 million ($3,069.62) per tael Monday morning, inches away from the historic peak of VND74.6 million achieved on the morning of Nov. 29 before closing the day at VND73.8 million.

    Gold ring price rose 0.24% to VND62.8 million per tael. A tael equals 37.5 grams or 1.2 ounces.

    Vietnam’s gold price is now around VND13 million more expensive that global rates, according to Vietcombank data.

    Globally gold prices bolted to an all-time high above $2,100 per ounce on Monday as Federal Reserve Chair Jerome Powell’s remarks elevated traders’ confidence that the U.S. central bank could cut interest rates early next year, Reuters reported.

    Spot gold was up 0.7% at $2,085.76 per ounce. Earlier in the session, bullion surged to an all-time high of $2,111.39.

    Powell on Friday said “the risks of under- and over-tightening are becoming more balanced,” but the Fed is not thinking about lowering rates right now.

    Traders are now pricing in a 70% chance for a rate cut by the U.S. central bank by next March, CME’s FedWatch Tool showed.

    Backing market sentiment, data last week pointed out cooling inflationary pressures and a gradually easing labour market, with Fed Governor Christopher Waller flagging a possible rate cut if inflation continues to decline.

    The latest survey by the World Gold Council (WGC) shows that 24% of global central banks plan to increase gold reserves in the next 12 months as they are increasingly skeptical about the role of the U.S. dollar as a reserve asset.

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  • Gold prices continue to fall

    Gold prices continue to fall

    SJC gold price dropped 1.2% to VND69.5 million ($2,847.19) per tael on Monday morning.

    Gold ring price gained 0.08% to VND59.9 million per tael. A tael equals 37.5 grams or 1.2 ounces.

    Globally, gold prices held steady near the key $2,000-per-ounce level on Monday after weak U.S. jobs data raised hopes that the Federal Reserve is done raising interest rates, sending the dollar and bond yields lower.

    Spot gold was little changed at $1,990.43 per ounce by 0100 GMT and U.S. gold futures were steady at $1,997.60.

    SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, said its holdings rose 0.20% to 863.24 tonnes on Friday from 861.51 tonnes on Thursday.

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  • Gold prices hits high

    Gold prices hits high

    SJC gold price surged 1.14% to VND71 million per tael Saturday morning, affected by a jump in the global market.

    Gold ring price went up 0.95% to VND58.15 million per tael. A tael equals 37.5 grams or 1.2 ounces.

    Globally gold prices jumped more than 3% on Friday and were poised for their best week in seven months as the intensifying conflict in the Middle East sent investors scurrying for safe-haven assets.

    Zero-yield bullion got an additional fillip from expectations that the U.S. interest rates may have peaked.

    Spot gold was up 3.2% at $1,928.15 per ounce. U.S. gold futures settled 3.1% higher at $1,941.50. Prices were up 5.2% for the week.

    “Investors are fleeing to safe havens as the risks of Middle East tensions grow,” said Edward Moya, senior market analyst at OANDA.

    “If the geopolitical situation gets gloomier, there is a good chance that gold prices could go to the $2,000 levels this year. We have come from mid-$1,800s to mid-$1,900s, $2,000 is just a fraction of that.”

  • Gold prices decline slightly

    Gold prices decline slightly

    SJC gold price dropped 0.07% to VND69.75 million (US$2,864.12) per tael on Tuesday morning.

    Gold ring price downed 0.08% to VND57.3 million per tael. A tael equals 37.5 grams or 1.2 ounces.

    Globally, gold prices held near their highest levels in more than a week on Wednesday as comments from U.S. Federal Reserve officials suggested that a recent surge in Treasury yields might reduce the need for more rate hikes, sending the dollar lower.

    Spot gold was up 0.1% at $1,860.97 per ounce by 0136 GMT, having hit its highest level since Sept. 29 on Tuesday. U.S. gold futures held their ground at $1,874.50.

    Bloomberg said Wednesday that a slump in gold prices to a seven-month low in India may stimulate demand in the current festive season, when people traditionally buy more coins and ornaments.

    Strong purchases during the October-December festival period, considered an auspicious time to own and wear gold, may underpin the global market.

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  • Gold prices down

    Gold prices down

    SJC gold price fell 0.15% to VND68.8 million ($2,855.19) per tael Tuesday morning.

    Gold ring price was stable at VND57.25 million per tael. A tael equals 37.5 grams or 1.2 ounces.

    Globally gold prices settled into a holding pattern on Tuesday as investors awaited U.S. inflation figures that could provide an updated view on interest rates after the Federal Reserve kept the door open for further policy tightening.

    Spot gold was flat at $1,922.30 per ounce, while U.S. gold futures eased 0.1% to $1,946.10.

    Market activity is likely to be broadly subdued until the U.S. Consumer Price Index (CPI) data is out on Wednesday, which could guide U.S. interest rates after a widely expected pause by the Fed next week.

    “A CPI number coming in in-line or even slightly higher would likely place some short-term pressure on gold,” said Nicholas Frappell, global head of institutional markets at ABC Refinery.

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