Gold prices in Vietnam set new peaks

The price of SJC-branded gold bullions hit an all-time high of nearly VND81 million ($3,385) per tael Saturday, resulting in an expansion of VND2.2 million ($89.23) per tael this week.

The old peak of VND80 million was set up on December 26, 2023.

At Saigon Jewelry Co., Ltd (SJC), gold bullion prices continuously climbed. As of 10:30 a.m., the price of SJC gold bars in Hanoi was listed at VND78.4-80.92 million (buying-selling) per tael, up to VND1.2 million per tael from Friday.

Similarly, Doji Gold Co. also raised the price of SJC gold bars to VND78.15-80.65 million per tael.

Other than SJC gold bullions, the price of 24-carat gold rings also rose to a new peak to VND66.66-67.86 million ($2,752) per tael.

However, in the early afternoon, gold bullion prices decreased compared to the morning due to rising selling pressure. At 1:40 p.m., SJC listed the buying and selling prices at VND78.1-80.6 million.

On the international market, gold prices soared from $2,045 per ounce to nearly $2,090 per ounce Friday night. At 9:30 a.m. on Saturday, it stood at $2,083 per ounce.

The greenbacks’ price in the black market Saturday morning also increased by VND30-40 per USD, currently trading at VND25,370-25,440 per USD (buying - selling). At commercial banks, the USD price was VND24,440 - 24,810 per USD.

Gold prices increased sharply as new data on inflation showed that the U.S. Federal Reserve (Fed) was unlikely to cut interest rates in March, and would do so in the second half of 2024.

The U.S. Dollar Index (DXY), which measures the value of USD against a basket of six major currencies (the Euro, Swiss franc, Japanese yen, Canadian dollar, British pound, and Swedish krona), remained at a high level of about 104 points.

Several experts believe that domestic gold prices have risen following the increase in world gold prices. However, the current SJC gold price is significantly different from the international price, so the buying and selling prices of the yellow metal will still depend on the market management policy of the State Bank of Vietnam in the coming time.