(HNMO) - The sharp increase in world gold prices has helped push up the price of precious metals in Vietnam, with the price of gold rings rising by 150,000 VND per tael on the morning of June 9th.
During last night's trading session, world gold prices rose by more than 1%, reaching $1,964.6 per ounce amid market expectations that the US may halt interest rate hikes. By nearly 9 am this morning, gold was trading at $1,964 per ounce.
In the domestic market, at the same time, Saigon Jewelry Company Limited listed the price of SJC gold bars at 66.5 million VND/ounce (buying) - 67.1 million VND/ounce (selling), an increase of 100,000 VND/ounce in both directions compared to the end of June 8th.
Phu Quy SJC Group also increased the price by 100,000 VND/ounce in both directions, to 66.5 million VND/ounce (buying) - 67.1 million VND/ounce (selling).
Following the same trend, Vietnam Export Import Commercial Bank set the price at 66.45 million VND/ounce (buying) - 66.85 million VND/ounce (selling), 50,000 VND/ounce higher than the end of the previous day in both directions.
Meanwhile, the price of gold rings increased even more sharply. For example, Phu Quy Group increased the price of 99.9% pure gold rings by 150,000 VND/ounce in both buying and selling directions, reaching 55.75 million VND/ounce (buying price) - 56.6 million VND/ounce (selling price).
Saigon Gold, Silver and Gemstone Company Limited (a one-member limited liability company) listed the price of gold rings weighing 1-5 taels at 55.6 million VND/tael (buying price) - 56.55 million VND/tael (selling price), 150,000 VND/tael higher than the end of the previous day.
Not only has the price of gold rings increased more sharply, but the buy-sell price spread is also wider than that of gold bars, at 850,000-950,000 VND/ounce and 400,000-600,000 VND/ounce respectively.
Domestic gold prices rose, but at a slower pace than world prices. As a result, the price difference between the two markets narrowed to approximately 10.9 million VND/ounce, compared to around 11.3 million VND/ounce the previous day.
Source
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