Domestic gold prices climb to all-time high of over VND67 mln/tael
VOV.VN - Gold bar prices in Vietnam skyrocketed to more than VND67 million per tael, the highest recorded figure in history on March 2 after nosediving to VND66 million per tael the previous day.
At 9:25 a.m. on March 2, the Saigon Gold and Jewelry Company quoted its SJC gold price at VND66.55 million per tael for buying and VND67.35 million per tael for selling in Ho Chi Minh City, and VND66.55 million per tael for buying and VND67.37 million per tael for selling in Hanoi.
These latest price changes represent rises of VND1 million in terms of both buying and selling compared to March 1 transactions.
Simultaneously, Phu Nhuan PNJ Company listed each tael of SJC gold at between VND65.65 million and VND66.4 million for buying and selling respectively.
In the global market, the March 2 trading session witnessed gold prices hover at roughly US$1,945.8 per ounce, an increase of US$37 per ounce from the previous day.
Global gold prices are anticipated to keep rising amidst worries about the impact of Western sanctions on Russia following its ongoing military campaign in Ukraine.
The Goldman Sachs Group, Inc. forecast that the world’s gold prices may rise to US$2,150 per ounce, noting gold will play a central role in the Russia-Ukraine conflict, and Russia is set to use precious metals for leverage.
Pierre Lassonde, CEO of Firelight Investments and former president of the World Gold Council, predicted global gold prices are likely to reach US$2,200 to US$2,400 per ounce in the medium term.
However, many other experts believed that global gold prices may fall sharply in case Russia and Ukraine reach a ceasefire agreement.
