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Gold prices hit 15-month high

By Dat Nguyen   November 13, 2021 | 01:15 am PT
Gold prices hit 15-month high
A person holds gold jewelry at a shop in Ho Chi Minh City. Photo by VnExpress/Quynh Tran
Vietnamese gold prices are now at a 15-month high and, as always, well above global rates.

The Saigon Jewelry Company (SJC) sold bullion at VND60.75 million ($2,682.23) per tael Saturday morning, up 0.75 percent from Friday. A tael equals 37.5 grams or 1.2 ounces.

This made them around VND10 million or 19.7 percent higher than global prices.

A spokesperson for SJC told Thanh Nien newspaper that the gap is widening because Vietnamese prices are becoming less dependent on global rates and relying increasingly on domestic supply and demand.

Global rates have risen by 5.26 percent to $1,864.74 per ounce since Nov. 4, bolstered by deepening fears of inflation and reassurances from major central banks that interest rates would remain low for the time being.

Traders are taking profits after an incredible run, Phillip Streible, chief market strategist at Blue Line Futures in Chicago, told Reuters.

Societe Generale analysts forecast gold prices to average $1,950 an ounce in the first quarter of 2022, given the "renewed commitment from the Federal Reserve to support the economy while letting inflation printing higher".

Gold consumption in the third quarter fell by half year-on-year to 3.3 tons as jewelry stores closed due to Covid-19 restrictions, according to a report by the World Gold Council.

 
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