Editor’s Note
This article highlights a notable price discrepancy in the gold market, where some small shops are selling SJC gold below the official company price. Such variations can signal market dynamics or liquidity issues, and investors are advised to verify prices from multiple sources.
On the morning of February 12, the price of SJC gold biscuits sold by some small gold shops in the open market was about 179.4 million VND/tael, which is lower than the price set by the SJC company.
On the morning of February 12, Saigon Jewelry Company (SJC) listed the purchase price of SJC gold bars at 178 million VND/tael and the selling price at 181 million VND/tael, remaining stable compared to the previous day.
Eximbank announced that SJC gold biscuits are being purchased at a rate of 178.5 million VND/tael and sold at 181 million VND/tael, with the purchase price being half a million VND higher than SJC company’s price.
Some other gold companies are buying SJC gold bars at lower prices, such as Phu Quy Group, which lists prices at 177.5 – 181 million VND/tael (buy-sell).
Similarly, the price of 99.99% pure gold rings and jewelry remained stable at around 177.5 million VND/tael for purchase and 180.5 million VND/tael for sale.
A significant development in the free market is that some gold shops are quoting a purchase rate of 177.4 million VND/tael and a selling rate of 179.4 million VND/tael for SJC gold bars, a further decrease of about 200,000 VND/tael compared to yesterday. Currently, the free market price of SJC gold is about 1.6 million VND/tael lower than the prices offered by banks and gold companies.
The price of SJC gold bars is currently about 21 million VND/tael higher than the world price.
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Domestic gold prices remained stable while global prices fluctuated within a limited range. At 9:30 AM Vietnam time this morning, the gold price was $5,066 per ounce, stable compared to the start of the morning session and about $5 per ounce lower than yesterday morning.
The latest US employment report recorded growth far exceeding expectations, with 130,000 new jobs created compared to forecasts of 66,000-70,000 jobs. The unemployment rate also dropped to 4.3%, indicating a strong improvement in the country’s labor market.
Better-than-expected data has eliminated the possibility of an interest rate cut by the Federal Reserve (FED) in March, and the possibility of a cut in June is still intact. However, traders are prepared for potential rate cuts by the Fed in July and December – a factor that supports and strengthens gold’s appeal as a hedge against monetary policy uncertainty.
Currently, the world gold price converted at the listed exchange rate is 159.5 million VND/tael, which is about 21 million VND/tael lower than the price of SJC gold bars.