Gold price hits 12-month high
In this article (4)
Vietnam’s gold price climbed to a 12-month high Monday even as global prices dropped.
Prices at state-owned Saigon Jewelry Company rose 0.05 percent from Saturday to VND57.98 million ($2,552.79) per tael Monday. A tael equals 37.5 grams or 1.2 ounces.
Other companies sold their gold 0.17 percent higher at VND58 trillion, a 12-month high.
Vietnam’s gold price is now VND10 million higher than global rates, widening from VND8 million a month ago.
Global gold prices were subdued Monday over fears the U.S. Federal Reserve would start paring its stimulus this year despite Friday’s weak job data.
Spot gold inched 0.1 percent lower to $1,755.68 per ounce.
Spot gold may bounce into the $1,763-$1,768 range, before resuming its fall towards a support of $1,724, according to Reuters technical analyst Wang Tao.
Questions & Answers
Q.What was the gold price per tael at Saigon Jewelry Company on Monday?
What was the gold price per tael at Saigon Jewelry Company on Monday?
On Monday, the price at state-owned Saigon Jewelry Company was VND57.98 million per tael. This represented a 0.05 percent increase from the previous Saturday's price.
Q.How much higher is Vietnam's gold price compared to global rates now?
How much higher is Vietnam's gold price compared to global rates now?
Vietnam’s gold price is currently VND10 million higher than global rates. This gap has widened from VND8 million just a month ago, indicating a growing disparity.
Q.Why were global gold prices subdued on Monday?
Why were global gold prices subdued on Monday?
Global gold prices were subdued due to concerns that the U.S. Federal Reserve might begin reducing its stimulus later this year. This fear persisted despite the weaker job data released on Friday.
Reader pulse
Will Vietnam's gold premium persist?
24,196 votes so far