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Vietnam’s gold price hits record high

Vietnam’s gold price hits record high

Monday, March 07, 2022, 16:43 GMT+7
Vietnam’s gold price hits record high
People perform a transaction at a gold company in Vietnam. Photo: A.H. / Tuoi Tre

Vietnam’s gold price leapt to another high on Tuesday morning as the global price sky-rocketed amid escalating tension between Russia and Ukraine.

At Phu Nhuan Jewelry JSC (PNJ), bullion rose VND2.6 million (US$113) to VND71.1 million ($3,100) a tael, about VND9 million ($393) higher than the previous peak set in August 2020.

PNJ listed the buying price at VND69.4 million ($3,030) per tael.

Meanwhile, Saigon Jewelry Company (SJC) sold the precious metal at VND70 million ($3,060) per tael.

Gold traders widened the gap between the selling and buying prices to about VND1.7 million ($74) for each tael amid the strong turbulence on the gold market, thus preventing a possible wave of gold sellers who seek to earn profits due to the price hike.

The selling price of SJC gold has gained VND5.5 million ($240) a tael in just one week, which has surely brought some profit to short-term investors, according to local gold companies.

Back in October 2021, the yellow metal was offered at only VND57 million ($2,490) per tael.

However, experts have advised investors against buying at the moment, as SJC gold price is nearly VND16 million ($700) higher than the global rate for each tael.

The price of 9999 gold rings also rallied sharply to VND56.75 million ($2,480) a tael on Monday, up nearly VND1 million ($43) compared to the end of last week.

At 10:00 am Monday, the global rate fell slightly to $1,992 an ounce but was still at a high level.

A tael equals 1.2 troy ounces.

According to analysts, investors have been worried that the military conflict between Russia and Ukraine could trigger a profound impact on the global economy.

In addition, high inflation in the U.S. also contributes to the rising gold price as people flock to keep gold as a safe haven amid uncertainties.

Global investors are now waiting for the outcomes of the U.S. Federal Reserve (FED)’s upcoming meeting, which is expected to conclude on March 16.

Like us on Facebook or follow us on Twitter to get the latest news about Vietnam!

Vietnam’s gold price leapt to another high on Tuesday morning as the global price sky-rocketed amid escalating tension between Russia and Ukraine.

At Phu Nhuan Jewelry JSC (PNJ), bullion rose VND2.6 million (US$113) to VND71.1 million ($3,100) a tael, about VND9 million ($393) higher than the previous peak set in August 2020.

PNJ listed the buying price at VND69.4 million ($3,030) per tael.

Meanwhile, Saigon Jewelry Company (SJC) sold the precious metal at VND70 million ($3,060) per tael.

Gold traders widened the gap between the selling and buying prices to about VND1.7 million ($74) for each tael amid the strong turbulence on the gold market, thus preventing a possible wave of gold sellers who seek to earn profits due to the price hike.

The selling price of SJC gold has gained VND5.5 million ($240) a tael in just one week, which has surely brought some profit to short-term investors, according to local gold companies.

Back in October 2021, the yellow metal was offered at only VND57 million ($2,490) per tael.

However, experts have advised investors against buying at the moment, as SJC gold price is nearly VND16 million ($700) higher than the global rate for each tael.

The price of 9999 gold rings also rallied sharply to VND56.75 million ($2,480) a tael on Monday, up nearly VND1 million ($43) compared to the end of last week.

At 10:00 am Monday, the global rate fell slightly to $1,992 an ounce but was still at a high level.

A tael equals 1.2 troy ounces.

According to analysts, investors have been worried that the military conflict between Russia and Ukraine could trigger a profound impact on the global economy.

In addition, high inflation in the U.S. also contributes to the rising gold price as people flock to keep gold as a safe haven amid uncertainties.

Global investors are now waiting for the outcomes of the U.S. Federal Reserve (FED)’s upcoming meeting, which is expected to conclude on March 16.

Like us on Facebook or follow us on Twitter to get the latest news about Vietnam!

Duy Khang - A. Hong / Tuoi Tre News

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