Gold price increases sharply, towards 56 million VND/tael
The strong increase in international gold prices last night brought domestic gold bar prices this morning to surpass the threshold of 55.5 million VND/tael. The free USD price and the bank price continued to move sideways.
At 10:00 a.m., DOJI Group listed the price of SJC gold for the Hanoi market at VND55 million/tael (buy) and VND55.6 million/tael (sell). At the same time in the Ho Chi Minh City market, SJC Company listed the price of the same brand of gold bars at VND55.05 million/tael and VND55.6 million/tael, respectively for buying and selling prices.
Compared to the same time yesterday morning,gold bar pricecurrently increased by 400,000 VND/tael. This is the highest price of gold bars in half a month.
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| Illustration photo. Photo: Reuters. |
Compared to the converted world gold price, the retail price of gold bars is 3.3 million VND/tael higher. This gap has narrowed compared to 3.8 million VND/tael yesterday morning, showing that the price of gold bars is increasing slowly compared to the international price.
Prices of other 999.9 gold products increased by VND200,000-300,000 per tael.
Phu Quy round ring of Phu Quy Group has a buying price of 53.4 million VND/tael and a selling price of 54.2 million VND/tael. Thang Long Dragon round ring of Bao Tin Minh Chau Company has a corresponding price of 53.66 million VND/tael and 54.46 million VND/tael.
Price movements of SJC gold bars bought and sold at DOJI from the beginning of the year until now. Unit: Thousand VND/tael. Tael: DOJI.
The spot gold price in the Asian market at 10am Vietnam time stood at 1,868.8 USD/oz, up 5.8 USD/oz, equivalent to an increase of more than 0.3% compared to the closing price of the US session. This price is equivalent to nearly 52.3 million VND/tael, compared to 51.4 million VND/tael this morning.
In Monday's session in New York, gold prices increased by 23.9 USD/oz, equivalent to an increase of 1.3%, closing at 1,863 USD/oz.
According to Reuters news agency, world gold prices are near a two-week high as investors believe that the rising number of Covid-19 infections in the US will push the US Congress to soon reach an agreement on a new economic stimulus package.
This week, the US Congress will vote on a one-week stopgap budget bill to give lawmakers more time to negotiate a $908 billion stimulus package. Senator Chuck Schumer, the Democratic leader in the Senate, said there were signs of bipartisan agreement on such a bill.
California announced a series of new restrictions on December 7 to combat Covid-19. New York City is considering a ban on indoor dining in restaurants. The number of new Covid-19 infections in the US is expected to increase sharply during the Christmas and New Year holidays.
The Japanese government announced a stimulus package worth 708 billion yen on the morning of December 8.USDto support the economy to cope with the pandemic.
This year, efforts by governments and central banks to support economic growth have created an environment of ultra-low interest rates and huge money supply, which has been an important basis for the world gold price to increase by more than 22% since the beginning of the year.
However, the world's largest gold exchange-traded fund (ETF), SPDR Gold Trust, is still net selling gold. The fund reduced its holdings by 0.25% in the first session of the week, equivalent to a net sale of nearly 3 tons of gold. Accordingly, SPDR's holdings fell to 1,179.78 tons of gold, from 1,182.7 tons of gold on Friday.
The US dollar recovered slightly last night and this morning, with the Dollar Index currently hovering around 90.9 points. Yesterday morning, the index slipped below 90.7 points, its lowest in nearly 3 years.
The free USD price in Hanoi is commonly at 23,205 VND (buy) and 23,235 VND (sell). The USD price listed at Vietcombank is 23,040 VND and 23,220 VND. Compared to yesterday, the free USD price and the bank price are unchanged.
