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Domestic gold soars, still cheaper than global prices

Update: February, 20/2019 - 15:18
Customers buy gold at a Doji’s store. Vietnamese gold prices are being priced lower than the global prices. — Photo vietnammoi.vn
Viet Nam News

HÀ NỘI — Domestic gold prices increased sharply on Wednesday morning, in line with gold gains on international markets.

Gold price quotes at Sài Gòn Jewelry Co Ltd (SJC), Việt Nam’s largest gold company, are VNĐ37.07 million (US$1,594) per tael for buying and VNĐ37.27 million per tael for selling, up VNĐ270,000 per tael over Tuesday’s close. (One tael of gold equals 37.8 grammes.)

This is also the highest price in the past one week.

Doji Gold and Gems Group in Hà Nội also raised its gold price by VNĐ240,000 per tael this morning with the selling price quoted at VNĐ37.22 million per tatel.

Other gold businesses made similar moves.

Gold prices at Bảo Tín Minh Châu and Phú Quý jewellery companies also increased between VNĐ150,000 and VNĐ250,000 per tael, depending on gold type.

Thần Tài Phú Quý 9999 gold is quoted at VNĐ36.85 million and VNĐ37.25 million for buying and selling, respectively, while Thăng Long Dragon Gold prices are VNĐ37.04 million and VNĐ37.49 million.

Spot gold in the New York market increased by more than $14, or 1.1 per cent, to $1,341 per ounce on Tuesday, its highest since April 25, 2018. US gold futures rose 0.8 per cent to $1,332.4 per ounce. (One ounce is 1.2 tael)

Gold is trading around $1,343 this morning.

Gold price has gained 4.8 per cent in the last 30 days.

"Gold is still in a bullish mode. Investors are still pricing in a dovish US Federal Reserve," ActivTrades Chief Analyst Carlo Alberto De Casa was quoted as saying on moneycontrol.com.

Gold price has gained 4.8 per cent in the last 30 days and 3.6 per cent so far this year on expectations the Fed will pause its interest rate hikes and better result from trade negotiations between the world’s two largest economies.

Investors have a close watch on the minutes of the Fed’s policy meeting due on February 20 for more guidance on rate increases this year.

In comparison with the domestic price, global gold is being priced VNĐ300,000 higher than SJC’s gold.

This morning, the State Bank of Việt Nam adjusted its benchmark rate for the US dollar down VNĐ2 per dollar. With the exchange rate band of +/-3 per cent, both Vietcombank and Bank for Investment and Development of Việt Nam (BIDV) are quoting USD buying/selling prices are VNĐ23,150 and VNĐ23,250 each. — VNS

 

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