Hanoi [Vietnam], February 9: Domestic gold prices are rising rapidly, mirroring global precious metal prices. SJC gold bars have surpassed 181 million VND per tael after a sharp drop last week.
Saigon Jewelry Company (SJC) increased the price of SJC gold bars by 1.9 million VND per tael, bringing the buying price to 178.2 million VND and the selling price to 181.1 million VND. Phu Quy Company also increased the price of gold bars by 1.9 million VND per tael, with a buying price of 178.2 million VND and a selling price of 181.2 million VND. ACB increased the buying price of gold bars by 3.2 million VND to 179.2 million VND and the selling price by 2.2 million VND to 181.2 million VND. The price of SJC gold bars has increased by 15 million VND/tael since last week's low but is still down 10 million VND/tael from its peak of 191.3 million VND/tael reached in January.
Similarly, the price of gold rings also increased by 1.9 - 2 million VND per tael. Phu Quy Company bought at 177.9 million VND and sold at 180.9 million VND. SJC Company bought at 177.7 million VND and sold at 180.7 million VND. The difference between the buying and selling price of gold in the domestic market is approximately 3 million VND/tael.
World gold prices rose $52 per ounce (equivalent to a 1% increase), to $5,020. The sharp fluctuations in gold prices over the past week have worried investors, but they still believe gold will maintain its upward trend. Rania Gule, senior market analyst at XS.com, said that gold's volatility reflects deep uncertainty among investors, stemming from concerns about inflation and economic recession, expectations of changes in monetary policy, and escalating geopolitical risks.
Source: Thanh Nein Newspaper
