Vietnam’s Gold Prices Surge
Hanoi, July 18 (IANS) Vietnam’s Saigon Jewelry Company (SJC) gold bar price increased by over 3 million Vietnamese dong (118 US dollars) to 80 million dong (3,160 dollars) per tael on Thursday morning after staying flat for more than one month, local media reported.
SJC listed gold prices at 78.5 million dong (3,103 dollars) per tael for sellers and 80 million dong for buyers. The prices went up by 2.52 million dong (99 dollars) and 3.02 million dong (119 dollars) per tael, respectively, compared to Wednesday’s trade.
DOJI gold and jewellery corporation quoted SJC gold at the same prices on Thursday morning, Xinhua news agency reported.
Insight: Gold Demand in Vietnam
The increase in gold prices in Vietnam may be attributed to a rise in demand for the precious metal. Gold is often seen as a safe investment and store of value during uncertain economic times, prompting investors to buy more gold when they feel that their local currency is losing value or facing instability.
The gold ring price went up 0.81 percent to 77.5 million dong (3,061 dollars) per tael on Thursday.
A tael equals 37.79 grams or 1.33 ounces.
Insight: State Bank of Vietnam’s Role
Since June, the State Bank of Vietnam has sold gold bars directly to four state-owned commercial banks and SJC, which distribute the gold bars to retail buyers. This initiative by the central bank may have contributed to the stability and availability of gold in the market, affecting prices accordingly.
–IANS
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