Vietnam gold prices hit 4-month low
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Gold prices in Vietnam have plunged to a four-month low as global rates tumbled amid the surge of the U.S. dollar.
The Saigon Jewelry Company (SJC) sold its gold at VND67.95 million ($2,897.03) per tael Friday afternoon, down 0.37 percent from Thursday. A tael equals 37.5 grams or 1.2 ounces.
Owner of a jewelry store in Ho Chi Minh City’s District 8, who asked not be identified, said that there has been little demand in recent days.
“Only a few customers show up each day. There are less buyers than sellers as global rates drop.”
Global gold price now stands at $1,704 per ounce, lowest since April 2021, as analysts said that investors are more interested in the gaining USD which is now at the highest in two decades.
Questions & Answers
Q.What is the current selling price of gold in Vietnam?
What is the current selling price of gold in Vietnam?
The Saigon Jewelry Company (SJC) sold gold at VND67.95 million ($2,897.03) per tael on Friday afternoon. This price was a 0.37 percent decrease compared to the previous day's rate.
Q.Why has demand for gold in Vietnam decreased recently?
Why has demand for gold in Vietnam decreased recently?
A jewellery store owner in Ho Chi Minh City noted that there has been little demand, with fewer buyers than sellers. This is due to global rates dropping and investors showing more interest in the gaining US dollar.
Q.What is the global price of gold per ounce?
What is the global price of gold per ounce?
The global gold price currently stands at $1,704 per ounce. This represents its lowest point since April 2021, influenced by the strong performance of the US dollar.
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