Gold rockets to VND72.87 million per tael

The price of gold in Vietnam jumped to nearly VND73 million per tael (1.2 ounces) as the global bullion price continued to advance further on March 7.

SJC gold was listed at VND70.2 million per tael for buying and VND72.5 million per tael for selling at about 4.30 p.m., in Ho Chi Minh City, up VND2.3 million per tael in the buying rate and VND3.3 million per tael in the selling rate compared to last Saturday.

At the same time, in Hanoi, Saigon Jewelry Company bought gold at VND71.25 million per tael and sold at VND72.87 million per tael, an increase of VND3.35 million per tael in the buying rate and nearly VND3.7 million per tael in the selling rate. Gold prices fluctuated strongly, causing gold trading enterprises to expand their buying and selling gap to more than VND2 million per tael to avoid risks.

In the global gold market, the spot gold price in Asia on March 7 (Vietnam time) reached US$1,991.4 an ounce, up $17.5 an ounce compared to the closing price in New York last week. After conversion, the global gold price is equivalent to about VND55.2 million per tael. As a result, the SJC gold price is VND17.67 million per tael higher than the global one, a record difference. Experts warn that the increase in gold price is triggered by the safe-haven demand when the war between Russia and Ukraine becomes tense. Therefore, investors should limit investing in gold at this time of strong volatility because they may suffer losses, especially when the difference between the world and domestic gold prices, as well as the gap between the buying and selling rates, is extremely high.

* Meanwhile, Vietnam’s stock market dropped in the first trading session of the week on March 7, with the VN-Index losing 6.28 points, or 0.42 percent, to close at 1,499.05 points.

At the end of the trading session on the Hanoi Stock Exchange, the HNX-Index gained 2.27 points, or 0.5 percent, to 452.86 points. Market liquidity increased compared to the previous session and remained at a high level, with a total trading value of nearly VND35.95 trillion.

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