Domestic gold prices soar on back of global trend
Domestic gold prices soar on back of global trend
SJC gold prices soared on the domestic market on Thursday, boosted by strong rallies of global gold prices.
Gold ring prices hit a new record on Thursday. — VNA/VNS Photo |
At 14.40pm, SJC gold bullion rose by VNĐ1 million per tael (US$39.56 per tael) from the previous session to VNĐ88 million for buyers and VNĐ90 million for sellers.
Since the start of June, following the State Bank of Việt Nam (SBV)’s initiative to stabilise the gold market, the price of SJC gold has surged by around VNĐ13 million per tael.
For gold rings, Saigon Jewellery Company Limited set the prices at VNĐ87.7 million per tael for buyers and VNĐ89.2 million for sellers, up VNĐ700,000 and VNĐ400,000 per tael, respectively, from the previous day.
Gold rings at DOJI were quoted at VNĐ88.6 million per tael for buyers and VNĐ89.9 million for sellers, marking a VNĐ600,000 per tael increase. These are the highest levels of domestic gold rings.
The gains were attributed to the record-breaking trend of the gold prices in the international market.
The spot gold price is now at $2,782.3 per ounce after reaching an all-time high of $2,789.73 on Wednesday. (1 ounce equal to 0.83 tael)
The boom was propelled by uncertainties surrounding the US presidential election, which heightened the demand for safe-haven assets. Traders are closely watching economic indicators for insights into the US Federal Reserve's policy trajectory.
It has surged 35 per cent this year, on course for its best annual performance since 1979.
