Gold sees strongest price increase in three months
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.
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 itsstrongest growth in three months in the week of December 23-29 after beatingthe 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 42.19million VND and theselling price 42.34 million VND. On international markets, spot gold futures advanced 1.67 percentduring 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 totalsince the beginning of the year. This year there have been two major increases of gold price inVietnam, both connected to thevolatility of global markets. The first wave was in May-June when spot gold’s selling pricejumped 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 pricejumped by 2.5 million VND tomore than 42 million VND in only a week. Then, the selling price went up steadily toapproach 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 14percent. The rate doubles saving interest rate of 12-month saving term postedby banks and slightly higher than corporate bond yield rates of 12-14 percentannually. Compared with corporate bonds, investing in gold is widelyconsidered safer and more stable. However, investors should have a long-termtaste instead of trading gold for instant profits. /.
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The domestic gold price saw its strongest growth in three months in the week of December 23-29. (Photo: tinnhanhchungkhoan.vn) 
