Local gold price skyrockets
The gold price recorded at many localities on August 26 morning, reached an astounding VND43.2 million per tael, following a sharp rise in the global price of the precious metal.
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| Gold rings are put up for sale at a local jewelry shop in HCMC. The domestic gold price rose sharply on August 26 – Photo: Thanh Hoa |
However, there is wide disparity in the price offered by local gold traders. In particular, Saigon Jewelry Company (SJC) quoted its gold price at VND42.45 million per tael for buying and VND42.85 million per tael for selling as of 10:30 am, up VND550,000 per tael against last weekend.
Meanwhile, some gold traders offered the SJC-branded gold at higher prices on the Hanoi market. DOJI Group’s gold selling price soared to VND43.15 million per tael, while the group was buying a tael at VND42.45 million.
Down in the Mekong Delta city of Can Tho, the selling price of SJC-branded gold shot up nearly VND1 million per tael against the previous session to stand at VND43.2 million.
The metal’s price was also traded at some VND42.6 million per tael for buying and VND43 million per tael for selling at many local commercial banks.
This was the highest price hike of gold year-to-date as well as over the past few years, according to Nguoi Lao Dong newspaper.
In the first trading session of the week, the global gold price rocketed to US$1,544 per ounce, up almost US$50 versus the previous session.
Experts attributed the strong fluctuation of the gold price last weekend to the cautious sentiment among investors over the escalating trade war between the United States and China. Many investors rushed to purchase gold as a safe haven.
Last weekend, US President Donald Trump announced that Washington will levy a 15% duty on US$300 billion worth of Chinese goods from September 1 and 30% on US$250 billion worth of China’s remaining goods, from October 1.
Trump’s latest tariff move was announced right after Beijing decided to impose a 5%-10% duty on US$75 billion worth of imports from the United States, starting from September 1 and December 15.
For the US dollar, the State Bank of Vietnam quoted the central reference rate at VND23,114, down 13 Vietnamese dong compared with last weekend.
Also, the greenback prices at local commercial banks inched up slightly. They were traded at VND23,150 for buying and VD23,270 for selling, up 10 dong against the previous session.
