Setting a new record, the global gold price on October 2 suddenly soared up to US$1.320 per ounce, an increase of $6 against the previous day, causing domestic gold price to continue increasing steadily.
At 5:30 pm, Phu Nhuan Jewellery Company quoted SJC gold price at VND31.43-31.48 million/tael purchase and VND31.55 million per tael selling.
SBJ gold at Sacombank hovered around VND31.39-31.45 million/tael at 10.23a.m. Meanwhile, Thang Long Dragon gold was transacted at VND31.43-31.51 million/tael, surpassing its peak of VND31.55 million/tael for the first time, an increase of over VND240,000 per tael against the previous day.
According to Sacombank Jewelry Company or SBJ, transactions on the system were mainly selling when prices at the peak level.
Ton The Vinh Quyen, marketing director of SBJ said that gold demand increased since the beginning of September due to the country enters the wedding season.
There were relatively few investment transactions, customers demand to purchase was mainly to stop loss, said gold traders.
Quyen also said gold price on the domestic market would be equal or even lower than the world price if the State Bank of Vietnam permitted gold companies to import gold again.
September 30 marked the end of gold transactions in the third quarter, gold prices increased by 13.8 percent in September and by 28.3 percent in the third quarter.
The gold price on the domestic market on Sept. 30 morning fell to VND31.15 million ($1,597) per tael (1.2 ounces) after it reached a record of more than VND31.3 million ($1,605) per tael on Sept. 29, following an upward trend in global gold prices.
On Sept. 29, most gold shops in HCM City raised their price by more than VND700,000 ($21.3) over the Sept. 28 price to VND31.25-31.36 million per tael.
On Sept. 30 morning, SBJ gold was buying and selling at VND31.15 million ($1,597) and VND31.18 million ($1,599) per tael, respectively.
Sai Gon Jewellery Holding Company on Sept. 30 bought the precious metal at VND31.14 million and sold it at VND31.18 million per tael, a reduction of VND130,000 – 170,000 against Sept. 29.
The global gold price on Sept. 29 reached an all-time high of $1,313 an ounce on speculation that a global economic recovery would stoke inflation.
In Asia, the metal slightly fell on Sept. 30 morning to $1,309 an ounce.
The weakening of the US dollar on the world market has also contributed to the gold price hike, analysts have said.
