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Friday, August 19, 2022

Gold prices turn volatile on domestic market

By Dung Nguyen

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HCMC – Local gold prices have fluctuated strongly over the past few days as global recession worries have kept investors from rushing to gold as a safe haven.

At 3:30 p.m. on July 19, SJC-branded gold stood at VND65 million per tael for selling and VND63 million per tael for buying. A tael equals to 37.5 grams or 1.2 ounces.

At the start of the day, Doji quoted gold at VND66 million per tael for selling, but the price quickly plunged to VND62.5 million per tael. However, 15 minutes later, it shot up back to VND65 million per tael.

Bullion settled at VND65.5 million per tael this morning, July 20, while it inched slightly higher.

At 10:00 a.m. today, Phu Quy Group quoted SJC gold at VND65.5 million per tael for selling and VND63.5 million per tael for buying in the Hanoi market.

The uncertainty in prices has made bullion more active. A rumor about the potential elimination of the monopoly of SJC gold has also affected the local market.

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