Gold prices climb in the market

March 09, 2020 - 13:55
Global gold prices pushed above the US$1,700 per ounce level for the first time since late 2012 on Monday, when local gold prices also soared.


Gold prices go up in Viet Nam on March 9 after more positive cases of Covid-19 reported in the country. — Photo kinhtedothi

HÀ NỘI — Global gold prices pushed above the US$1,700 per ounce level for the first time since late 2012 on Monday, when local gold prices also soared.

As a widening coronavirus outbreak and a plunge in crude oil hammered equities and sent investors scurrying for safe havens, gold prices on rose to $1,702 this morning.

In Việt Nam, after the 30th case of Covid-19 was reported in the last two days, gold prices also soared to hit VNĐ 48.2 million (US$2,093) per tael ($1,736 per ounce) at the same time.

Each tael of gold increased about VNĐ1 million from its level last week. The price gap between selling and buying was more than VNĐ1 million.

Between 8am and 9am this morning, Doji was asking VNĐ48.30 million for each tael of gold, while Sài Gòn Jewellery Company (SJC) posted VNĐ48.20 million per tael. Bảo Tín Minh Châu gold firm listed its precious metal at VNĐ48.15 million each in selling prices. Smaller shops were also asking for similar prices.

Then the local prices were rated down a bit when the global prices fell to less than US$1,700 per ounce on the gold exchange Kitco.

Hà Nội-based Bảo Tín Minh Châu Gold firm recorded a surge in transactions in the morning with 55 per cent buyers and 45 per cent sellers.

The firm also said they recorded more gold traders in the north than in the south and the centre of Việt Nam.

The firm said on its website it was a good time for investors to trade gold to make a profit.

Talking to Việt Nam News, Nguyễn Trí Hiếu, a finance-banking expert, said that due to the impact of the Covid-19 epidemic, investors around the world are seeking safe havens.

Hiếu thought: “Gold buyers see opportunities, but they should also be aware of many risks. They should never invest in gold with salary or business capital, they should instead buy gold with unused money.”

Hiếu also said: “Don’t put everything in gold.”

Phan Dũng Khánh, investment director of Maybank Kim Eng Securities said: “Prices are fluctuating so much.”

Khánh thought the gap between selling and buying was kept at maximum at VND500,000-700,000 for the last few years but now it became large again, adding: “In the last several weeks, it has been more than VND1 million.”

As Khánh thought the global prices could reach $2,000 per ounce ($2,410 per tael) this year, he advised: “People still can invest in gold, but they should watch the prices.”

On a forum of local gold investors, Nguyễn Hoàng Dương, who bought 20 taels of gold in June 2019, for more than VNĐ43 million each said: “I will wait until gold prices reach VNĐ50 million per tael to sell mine.” — VNS