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Each tael of gold bar this morning increased by 1 million VND, returning to the 106 million range, at the same time the difference between buying and selling prices was pushed up.
On the morning of April 12, Saigon Jewelry Company (SJC) listed the price of gold bars at 102.7 - 106.2 million VND, an increase of 500,000 VND for buying and 1 million VND for selling compared to the end of yesterday afternoon. The difference between buying and selling prices widened to 3.5 million VND per tael.
This morning, brands also raised the price of plain rings to 105 million VND per tael, with no significant price difference between major jewelry stores. Plain gold rings were raised by SJC to 101.4 - 105 million VND. At Phu Nhuan Jewelry Company (PNJ), the price of gold rings this morning increased to 101 - 104.7 million VND. Meanwhile, Bao Tin Minh Chau listed plain rings at 101.5 - 105 million VND.
Domestic gold prices hit a record high this morning but reversed in the afternoon session. On the international market, the precious metal hit a record of $3,245 an ounce before closing the weekend session at $3,236 an ounce. The difference between domestic and international gold prices is currently around VND5 million per tael.
Turmoil in global financial markets has pushed gold prices to a new record high. The precious metal is believed to have further room to rise as the list of safe-haven assets is shrinking.
In a recent report, Goldman Sachs analysts also said they maintained their year-end gold price forecast at $3,300 an ounce, reflecting largely increased risk associated with investors’ long and short positions.
According to Goldman Sachs, the precious metal is supported by structural demand from central banks in emerging markets, along with increased capital flows into ETFs due to concerns about economic recession and the possibility of the US Federal Reserve (Fed) cutting interest rates.
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