Is the Gold Fever Over?

On the morning of March 16th, the domestic gold price came to a halt after a week of volatility. The domestic gold market is eagerly awaiting signals from the global gold price. If the global price of gold rises, the domestic gold price may continue its "fever" in terms of price.

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Saigon Jewelry and Gemstone Company listed the price of SJC gold at 79.7 – 81.7 million VND per tael, an increase of 200,000 VND per tael. The price of plain round rings is 67.8 – 69 million VND per tael, a decrease of 50,000 VND per tael for buying and an increase of 50,000 VND per tael for selling.

Doji Group listed the price of SJC gold at 79.7 – 81.7 million VND per tael, an increase of 200,000 VND per tael compared to the previous trading session.

Bao Tin Minh Chau Company listed the price of plain round rings gold at 68.28 – 69.58 million VND per tael, a decrease of 150,000 VND per tael compared to the previous trading session.

The price difference between buying and selling gold is at 2 million VND per tael. The consecutive increase in gold price recently has led to investors switching to buying gold with the expectation of higher profits compared to savings.

The SJC gold price is at 79.7 – 81.7 million VND per tael. (Photo: Nhu Y).

In Ho Chi Minh City market, Mi Hong Gold System listed the price of SJC gold at 80.03 – 81.3 million VND per tael, an increase of 100,000 VND per tael for both buying and selling. The price of plain round rings is 67.7 – 67.9 million VND per tael.

At the same time, the global gold price is at 2,156 USD per ounce, a decrease of 9 USD per ounce. Converted at the current exchange rate, the global gold price is about 64.8 million VND per tael.

The global gold price is affected by the USD. An increase in the value of USD will put pressure on the gold price, making gold holding more expensive. Besides, the easing of political tensions in some regions will contribute to the stabilization of the gold market.

In the currency market, the State Bank of Vietnam listed the central exchange rate at 23,979 VND per 1 USD, an increase of 13 VND per 1 USD. At commercial banks, the USD exchange rate is around 24,570 – 24,880 VND per 1 USD, an increase of 25 VND per 1 USD.

SOURCEcafef
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