 |
Saigon Jewelry Company (SJC) listed gold price at VND66.6 million per tael for buying and VND67.5 million per tael for selling, an increase of VND150,000 in the buying rate and VND350,000 in the selling rate at 5 p.m. in Ho Chi Minh City. At the same time, in Hanoi, Phu Quy Group bought SJC gold at VND66.6 million and sold at VND67.5 million, an increase of VND200,000 in the buying rate and VND350,000 in the selling rate.
The world gold price soared $69.8 an ounce, reaching $1,989.3 an ounce in New York. This price is equivalent to approximately VND57 million per tael. Because the global gold price increased by about $110 an ounce in the past week (equivalent to about VND3.1 million per tael) while the SJC gold price only edged up by about VND700,000 per tael, the difference between SJC gold price and world gold price was narrowed significantly. SJC gold is currently about VND10.5 million per tael higher than world gold, compared to a gap of about VND13-13.5 million per tael at the beginning of the week.
Experts believe that the gold price may continue to rise to $2,000 an ounce due to the instability in the banking systems of the US and Europe, causing investors to turn to gold as a safe haven. Furthermore, the recent collapse of two banks in the US and the loss of liquidity of one bank in Switzerland may prompt the US Federal Reserve (FED) to raise interest rates by only 0.25 percentage points instead of 0.5 percentage points during their upcoming meeting. There is also a possibility that the FED may pause its tightening cycle and implement an easing policy before inflation is brought under control.
