Gold price at three month peak
The price of domestic gold on February 17 rebounded by 1.53 percent to VND36.78 million per tael (1.2 ounces), driven by an increase in global gold prices.
Global gold prices improved as the world raised concerns over the US economy’s weak growth and US dollar depreciation, which led investors to return to the precious metal. Gold gained US$1.326 per ounce in the Asian market in the early afternoon of February 17.
Back on home soil, the Saigon Jewellery Company (SJC) posted gold prices between VND36.68 - 36.78 million (US$1,737 - 1,742), an increase of VND550,000 (US$25.85) per tael compared to last weekend’s figures, the highest surge in the past three months.
Since the beginning of this year, the domestic price has hovered around VND35 million (US$1,666) per tael in quiet trading sessions. In addition, retailers have narrowed the gap between buying/selling quotes to encourage gold purchases.