Gold price gains in eighth session
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Vietnam’s gold prices climbed up for the eighth straight session Wednesday even as global rates steadied because of rising dollars.
Saigon Jewelry Company (SJC) sold its gold at VND62.15 million ($2,727.65) per tael in the morning, up 0.57 percent from Tuesday afternoon. A tael equals 37.5 grams or 1.2 ounces.
This means gold prices are 0.24 percent away from the previous historic peak last year.
Since early November, gold has gained 6.6 percent.
Vietnam’s gold is now VND11.25 million more expensive than global rates.
Globally, spot gold rose 0.2 percent to $1,854.39 per ounce Wednesday, a marginal gain as a jump in U.S. retail sales kept the dollar close to a 16-month high.
U.S. retail sales jumped in October, topping expectations, in an indication that high inflation was not yet dampening spending, even as worries about the rising cost of living sent consumer sentiment tumbling to a 10-year low in early November.
Questions & Answers
Q.How much more expensive is Vietnamese gold compared to global rates?
How much more expensive is Vietnamese gold compared to global rates?
Vietnamese gold is currently VND11.25 million more expensive than global rates. This difference reflects the local market's valuation against international benchmarks, even as global prices remain relatively stable.
Q.What is the current price of gold per tael in Vietnam?
What is the current price of gold per tael in Vietnam?
Saigon Jewelry Company (SJC) sold its gold at VND62.15 million per tael on Wednesday morning. This price represents a 0.57 percent increase from Tuesday afternoon's closing figures.
Q.How much has gold gained in Vietnam since early November?
How much has gold gained in Vietnam since early November?
Since the beginning of November, gold in Vietnam has gained 6.6 percent. This significant increase contributes to the current climb in prices, marking an eighth consecutive session of gains.
Q.What is keeping the US dollar near a 16-month high?
What is keeping the US dollar near a 16-month high?
A jump in U.S. Retail sales during October is keeping the dollar close to a 16-month high. Strong consumer spending, despite inflation worries, indicates economic resilience.
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