Continuously Rising Gold Prices

This morning (February 3), the price of gold in the domestic market continued to rise for the fourth consecutive session. Compared to the early trading session, the price of gold has increased by 2 million VND/tael, reaching 78.5 million VND/tael.

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The Saigon Gold and Gemstone Company listed the SJC gold price at 76.2 – 78.5 million VND per tael, an increase of 200,000 VND per tael for both buying and selling. The price of smooth round rings is 63.3 – 64.5 million VND per tael, an increase of 250,000 VND per tael.

The Doji Group listed the SJC gold bar price at 76.05 – 78.45 million VND per tael for buying and selling, an increase of 200,000 VND per tael compared to the previous trading session.

In the Ho Chi Minh City market, the Mi Hong gold system listed the SJC gold price at 76.9 – 77.9 million VND per tael, and the price of smooth round rings at 62.9 – 63.7 million VND per tael.

The domestic gold market has experienced consecutive price increases this week. As Tet approaches, the price of gold in the country continues to rise. Tiền Phong’s survey in Hanoi’s gold streets such as Tran Nhan Tong and Cau Giay shows that during peak hours, people have to line up to buy and sell gold.

People line up to buy and sell gold in the days leading up to Tet Giap Thin.

At the same time, the world gold price reached $2,039 per ounce, a decrease of $15 per ounce. Converted at the current exchange rate, the world gold price is about 60 million VND per tael, excluding taxes and fees.

The gold price decreased in the last trading session of the week due to pressure from the recovery of the US dollar and the increase in US bond yields. The USD Index, which measures the strength of the US dollar against six major currencies, reached 103.4 points. The stronger USD makes holding gold more expensive.

SOURCEcafef
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