The price of gold in Vietnam declined on February 8 as global bullion prices plummeted after Jerome Powell, Chairman of the US Federal Reserve (Fed), sent a message that interest rates may increase further in the future to curb inflation.
The Saigon Jewelry Company Limited (SJC) has been raising the domestic gold bar prices at a much higher rate to that of gold prices in the world market.
Mr. Huynh Trung Khanh, Vice Chairman of the Vietnam Gold Trading Association, said that because the gap between domestic and world gold prices is too high, SJC-gold buyers bear many risks, especially when domestic and international gold prices have not been connected yet.
While the price of SJC gold on July 15 is more than VND20 million per tael (1.2 ounces) higher than the global gold price, other 9999-gold rings are currently VND15-16 million per tael lower than that of SJC gold bars which are also 9999 gold.
The price of gold in Vietnam, on February 22, approached nearly VND64 million per tael (1.2 ounces) as the global gold price surpassed the mark of US$1,910 an ounce due to escalating tensions between Russia and Ukraine.
As oil prices rose sharply, oil and gas stocks also jumped, helping to strengthen the uptrend of the stock market in the trading session on October 26.
