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Saturday, May 18, 2024

Gold prices surge to all-time highs

By Truc Dao

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HCMC – Gold prices soared this morning, May 10, by around VND2.5 million from the day earlier to near VND92 million per tael, the highest level to date.

On Friday, Saigon Jewelry Company (SJC) listed SJC gold bars at VND89.5 million per tael for buying and VND91.8 million for selling, data from the gold price monitoring website at bieudogiavang.vn showed at around 11 a.m. This is VND2.3 million higher per tael for both buying and selling compared to Thursday’s close.

Two Hanoi-based jewelry firms, Doji and Bao Tin Minh Chau, also increased their gold prices. Doji quoted its gold bars at VND88.5 million per tael for buying and at VND90 million for selling, an increase of VND1.7 million per tael.

Bao Tin Minh Chau buys the metal at VND88.55 million and sells it for VND90.75 million, a respective rise of VND1.35 million and VND1.45 million over the previous day.

In addition to gold bar price hikes, gold ring prices also rose by nearly VND1 million per tael for both buying and selling.

Bao Tin Minh Chau listed its buying and selling prices for gold rings at VND74.97-76.47 million per tael, up by VND950,000 per tael from the previous trading day.

SJC quoted buying and selling prices for gold rings at VND74.3 million per tael and VND76 million per tael respectively, an increase of VND800,000 per tael in both directions.

According to the Vietnam News Agency, domestic gold prices rose in line with global gold prices today. At the close of trading on May 9, gold futures on the COMEX (Commodity Exchange of the New York) rose by US$25.9 to reach US$2,339.5 per ounce.

At today’s exchange rate of VND25,454 per dollar (according to State-run Vietcombank), the global gold price translates to roughly VND71.46 million per ounce. This creates a gap of VND20.3 million between domestic and international gold prices.

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