The domestic gold price saw its strongest growth in three months in the week of December 23-29. (Photo: tinnhanhchungkhoan.vn)
Hanoi (VNA) - The domestic gold price saw its strongest growth in three months in the week of December 23-29 after beating the milestone of 42 million VND (1,817.40 USD) per tael.
Gold prices posted by trading firms gained 700,000-800,000 VND per tael, equal to 0.93-1.06 million VND for an ounce.
Buying and selling prices at Saigon Jewellery Company (SJC) on December 29 were 42.05 million VND and 42.45-42.47 million VND per tael.
At Bao Tin Minh Chau Jewellery Company, the buying price was 42.19 million VND and the selling price 42.34 million VND.
On international markets, spot gold futures advanced 1.67 percent during the week to trade at 1,510.56 USD for an ounce, the highest point since early November.
Gold futures have increased by nearly 17.8 percent in total since the beginning of the year.
This year there have been two major increases of gold price in Vietnam, both connected to the volatility of global markets.
The first wave was in May-June when spot gold’s selling price jumped from 36.30-36.47 million VND per tael in late May to about 39.25 million VND per tael on June 25 – marking the highest level in three years.
The second wave was in August when spot gold’s selling price jumped by 2.5 million VND to more than 42 million VND in only a week. Then, the selling price went up steadily to approach 43 million VND in early September before falling back to 41.6-41.8 million VND prior to last week’s growth.
In 2019, Vietnamese spot gold prices have gained a total of 14 percent. The rate doubles saving interest rate of 12-month saving term posted by banks and slightly higher than corporate bond yield rates of 12-14 percent annually.
Compared with corporate bonds, investing in gold is widely considered safer and more stable. However, investors should have a long-term taste instead of trading gold for instant profits. /.
