Gold products on display at Bao Tin Minh Chau Gold Company in Hoang Cau Street, Hanoi. Photo: Tran Viet/TTXVN
In the domestic market, at the end of the trading week, Saigon Jewelry and Gemstone Company listed the price of SJC gold at 76.6 – 78.82 million VND per tael (buying – selling), unchanged in the buying direction and increased by 20 thousand VND per tael in the selling direction compared to the previous session.
The Phu Quy Gold and Gemstone Corporation listed the price of SJC gold at 76.6 – 78.6 million VND per tael (buying – selling), up by 150 thousand VND per tael in the buying direction and 50 thousand VND per tael in the selling direction compared to the closing session of the previous day.
During the week, the price of gold decreased in the 19-20/2 session, then increased again towards the end of the week in line with the global upward trend as the conflict in the Middle East “heated up”.
Overall, the SJC gold price increased by 800 thousand VND per tael, equivalent to 0.1%, while the world gold price increased by 1.4% in the past week.
This price increase is analyzed by experts due to the weakness of the US dollar and the search for a “safe haven” amid escalating tensions in the Middle East.
The USD index decreased by 0.1% in the closing session on 23/2 and recorded the first weekly decline in nearly 2 months. The yield of US Government bonds also decreased this week. When interest rates are low, it will increase the attractiveness of non-interest-bearing metals such as gold.
In the future, Mr. Nguyen Huu Thuyet, Deputy Director of Business Department, Bao Tin Minh Chau Gold and Gemstone Company, said that the world gold price and domestic gold price are forecasted to continue to fluctuate strongly. Currently, the price of gold is receiving great attention from investors as well as the public. The reason is that other investment channels such as real estate, stocks, or savings deposits are not really attractive, thereby stimulating the demand for gold to increase.
This representative also advises investors and the public to consider before trading and regularly monitor gold prices on reputable channels to make the most accurate decisions. In particular, customers should consider buying at multiple price levels and types of gold to limit risks.
Speaking of gold rings, last week, the market witnessed vibrant transactions on the day of Wealth God (Vía Thần Tài) on February 19th (ie, the 10th day of the Lunar New Year).
