Gap between domestic, global gold prices narrowed to VND1 million per tael

The price of gold in Vietnam jumped to near VND48 million per tael (1.2 ounces) in the morning on March 25 then cooled down.
Phu Nhuan Jewelry Company bought SJC gold at VND46.3 million per tael and sold at VND47.3 million per tael at 4 p.m. in Ho Chi Minh City, an increase of VND200,000 per tael in buying price and VND300,000 per tael in selling price compared to the previous day.

At the same time in Hanoi, Bao Tin Minh Chau Company purchased gold at VND46.6 million per tael and sold at VND47.1 million per tael, up VND100,000 per tael in both buying and selling rates.

In the global market, gold made a record increase when rocketing from US$1,550 to near $1,700 an ounce then retreating at night on March 24. However, the precious metal finished the trading session in New York with an increase of nearly $85 an ounce to reach $1,636 an ounce. Spot gold on the Kitco soared $78.3 an ounce compared to the previous trading session to trade at $1,629.5 an ounce in the morning on March 25. In the two latest trading sessions, the price of gold on this trading floor has risen by $130.7 an ounce.

Currently, the global gold price was equal to VND46.4 million per tael, lower than the domestic gold price by about VND1 million per tael. Last week, the gap between domestic and global gold prices was more than VND5 million per tael.

In related news, Vietnam’s stock market curbed a four-day losing streak on March 25 after the information that the US reached an agreement on a $2-trillion stimulus package. The VN-Index regained 31.04 points, or 4.71 percent – the highest jump since 2009, to close at 690.25 points. Among the index members, 301 stocks increased, 84 decreased while 39 treaded water.

The HNX-Index rallied 3.14 points to finish at 100.09 points with 96 winners, 54 losers while 55 stocks remaining unchanged. Market liquidity improved significantly compared to the previous trading session with the total trading volume exceeding 336 million shares, worth nearly VND5.6 trillion. However, foreign investors continued to net sell for the 32nd consecutive trading session with more than VND373 billion.

By Nhung Nguyen – Translated by Thuy Doan

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