Local gold prices climb to nine-year highs

26-Feb-2020 Intellasia | The SaigonTimes | 6:02 AM Print This Post

Domestic gold prices surged by over VND1 million per tael today, February 24, topping VND47 million for the first time in nine years, the local media reported.

The coronavirus outbreak is seen as the reason behind the gold price surge.

Saigon Jewellery Company (SJC) quoted its gold price at VND46.55 million per tael for buying and VND47.32 million per tael for selling, up by VND1.4 million per tael against the previous session.

Eximbank raised gold prices significantly on the morning of February 24, selling SJC-branded gold at VND47.3 million per tael and buying it at VND46.5 million per tael.

In Hanoi City, the selling price of gold bars at Bao Tin Minh Chau Jewellery stood at VND47.34 million per tael. They were bought at VND46.64 million per tael.

Hanoi-based Doji Group bought gold at VND46.5 million per tael and sold it at up to VND47.3 million per tael, up VND1.3 million per tael from the previous session, the highest level in nine years.

The price of local gold was VND300,000-VND400,000 per tael higher than global gold price.

The increasing number of Covid-19 infections in South Korea and Japan has prompted investors to hold on to gold as a safe haven.

A representative of SJC told Thanh Nien newspaper that the number of gold buyers on February 24 had soared strongly in recent days, adding that each buyer had purchased tens of taels of gold. Meanwhile, no customers sold gold to jewellery shops, resulting in a spike in gold prices.

The local market also saw a hike in the price of the greenback. The US dollar at local commercial banks was priced at VND23,150 for buying and VND23,320 for selling on February 24, rising by VND15 against the previous session.



Category: Finance, Vietnam

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