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Thursday, June 20, 2024

Domestic gold prices at record highs

The Saigon Times

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HCMC – Domestic gold prices briefly shot up to an all-time high of over VND80 million this morning, February 29, and then dropped back slightly due to increased selling.

Saigon Jewelry Company (SJC) quoted its yellow metal at VND78 million per tael for buying and VND80-80.02 million per tael for selling around 9:50 a.m., up by VND700,000 compared to the previous day. A tael equals 37.5 grams or 1.2 troy ounces.

Doji, another major jewelry firm, raised its gold buying price to VND77.95 million per tael and its selling price to VND79.95 million.

However, within a short span, SJC gold dropped by VND300,000 per tael to VND77.7 million for buying and VND79.7 million for selling. Similarly, Doji’s prices decreased to VND77.65 million for buying and VND79.65 million for selling.

This volatility in local gold prices reflects weak trading activity, where even slight fluctuations in demand or supply can lead to significant price volatility. Additionally, the recent upward trend in exchange rates has contributed to the increase in gold prices.

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