The selling price of SJC gold saw a significant increase by VND5.5 million ($240) per tael  in just one week. It’s predicted to keep rising as long as the continuing Russia- Ukraine crisis.

According to local media, many jewelry stores in Ho Chi Minh and Hanoi city were crowded with people because of historic gold’s price in Vietnam on March 7th. They lined up for their turn to trade and take profits.

Mrs. Nguyen Thi Thanh Phuong, a manger of a jewelry store in Binh Thanh district said that: “Gold’s price is constantly changing, has increased to an unprecedented high this afternoon. We have many customers, so I have to work continuously”.

Saigon Jewelry Company sold bullion at VND72.87 million per tael of 37.5 grams or 1.2 ounces.

DOJI sold at VND71 million, and PNJ at VND71.1 million, all new highs.

The price of 9999 gold rings also rise sharply to VND57.050 million ($2,497) per tael, up nearly VND2 million ($87) compared to the same day last week.

In spite of historic gold’s price, some people choose to hold on to gold and waiting for prices to rise even further.

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Source: Vietnam Insider

• During the course of the morning trading session, buying and selling prices for gold bars quoted by Saigon Jewelry Company Limited (SJC) stood at VND57.65 million and VND58.37 million per tael, respectively, thereby rising by VND300,000 per tael compared to the prices seen on October 20.

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Phu Quy Group therefore listed each tael of SJC gold at between VND57.45 million and VND58.05 million for buying and selling, adding an additional VND100,000 from the prices recorded on the previous day.

Doji Group gold priced at between VND57.4 million and VND58.2 million per tael for buying and selling, thereby marking increases of between VND200,000 and VND300,000 per tael in terms of buying and selling compared to the trading session from the prior day.

In terms of the global market, gold prices reached US$1,786.3 an ounce on October 21.

In relation to the local forex market, the State Bank of Vietnam adjusted the exchange rate of major foreign currencies, in which US$1 could be exchanged for VND23,145.

Source VOV

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Source: Vietnam Insider

Prices at state-owned Saigon Jewelry Company rose 0.05 percent from Saturday to VND57.98 million ($2,552.79) per tael Monday. A tael equals 37.5 grams or 1.2 ounces.

Other companies sold their gold 0.17 percent higher at VND58 trillion, a 12-month high.

Vietnam’s gold price is now VND10 million higher than global rates, widening from VND8 million a month ago.

Global gold prices were subdued Monday over fears the U.S. Federal Reserve would start paring its stimulus this year despite Friday’s weak job data.

Spot gold inched 0.1 percent lower to $1,755.68 per ounce.

Spot gold may bounce into the $1,763-$1,768 range, before resuming its fall towards a support of $1,724, according to Reuters technical analyst Wang Tao.

By VNexpress.

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Source: Vietnam Insider