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Gold prices hit 3-month high

By Thien Ngan   November 5, 2022 | 09:42 pm PT
Gold prices hit 3-month high
A person holds a gold ring at a jewelry store in Ho Chi Minh City. Photo by VnExpress/Quynh Tran
The Saigon Jewelry Company (SJC) hiked the price of gold by VND400,000 ($16.08) per tael to VND67.7 million Saturday morning.

This is the biggest increase by the state-owned firm since the beginning of August. A tael equals 37.5 grams or 1.2 ounces.

Jewelers sold gold rings for VND53.3 million per tael.

After a lengthy period of fluctuating within a restricted range, the domestic gold price has risen on the momentum of increase in the global market.

The global gold price closed November 4 at US$1,682 an ounce, up $52 from the previous day.

The increase in gold prices happened on hopes that the U.S. Federal Reserve (Fed) will delay the pace of interest rate hikes after a jobs report indicated American businesses had employed more workers, although the overall unemployment rate had risen.

Domestic gold prices have risen by around VND700,000 per tael since the beginning of the month.

However, the owner of a gold shop in HCMC's District 8 said that demand has not increased, because "gold is losing its appeal while banks' deposit interest rates have continued to rise."

In contrast to gold, there are signs that the dollar's surge is cooling down.

State-owned Vietcombank sold the dollar at VND24,877 Sunday, down roughly VND5 from the beginning of the week.

At the moment, Vietnam's gold price per tael is around VND17.2 million dong greater than the global price.

 
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