Domestic gold prices set new record

Illustrative photo (Photo: VNA)

Hanoi (VNA) - Domestic gold prices increased on March 7 morning to a new record at 81.25 VND (3,290 USD) million per tael (one tael is equivalent to 1.33 ounces) for SJC gold bars and 68,8 million VND for gold rings, after global prices hit an all-time high of 2,152.09 USD per ounce a day earlier.

At 9.30am, SJC gold prices are quoted at 79.3 million VND per tael for sellers and 81.32 million VND per tael for buyers, up 300,000 VND per tael from the previous session.

Similarly, DOJI gold prices saw an increase of 300,000 VND per tael to 79.25 - 81.25 million VND per tael.

Meanwhile, Bao Tin Minh Chau Company bought and sold gold rings at 67.63 - 68.83 million VND per tael, a 200,000 VND increase over the previous session.

DOJI’s gold rings also inched 200,000 VND higher to 67.50 - 68.80 million VND.

Given the growth of the domestic gold bars, the spread between the domestic and global prices is now nearly 19 million VND per tael.

Global gold prices’ recent rallies were driven by expectations that the US Federal Reserve would perform a rate cut in June.

Supporting the bet, Fed Chair Jerome Powell indicated a rate cut later this year at congressional testimony on March 6./.

VNA