Friday, July 25, 2025 4:34:29 AM - Markets open
VN-INDEX 1,521.02 +8.71/+0.58%
HNX-INDEX 250.67 +1.34/+0.54%
UPCOM-INDEX 105.16 +0.36/+0.34%
Gold prices soar to eight-year high
Vietnam News - 2/25/2020 2:13:43 PM
 (0 ratings. You must sign in to rate.)
Domestic gold prices soared to an eight-year high on Monday, reaching VNĐ49.4 million (US$2,128.66) per tael ($1,766.4 per ounce).
 
That level was last surpassed in September 2011, when prices reached VNĐ49.3 million per tael.
 
Bảo Tín Minh Châu gold firm listed an increase of about VNĐ4 million from last Friday afternoon.
 
Doji reported prices of VNĐ49.2 million, while Sài Gòn Jewellery Company (SJC) posted VNĐ49 million per tael.
 
Smaller shops were asking for VNĐ50 million.
 
On the global gold exchange Kitco, after passing a seven-year high, prices rose 2 per cent to $1,682.7 per ounce ($2,027 per tael) the same day.
 
Michael McCarthy, chief market strategist at CMC Market, told Reuters: “The thinking is that fewer people are holding shares, selling down in particular, and that money has to fall into havens.”
 
On the local market, a tael of gold on Monday was $100 more than global prices, and websites of most gold firms were overloaded.
 
Bảo Tín Minh Châu recorded a surge in transactions on Monday with 55 per cent buyers and 45 per cent sellers. The firm said on its website it was a good time for investors to trade gold to make a profit.
 
Disagreeing, Phan Dũng Khánh, investment director of Maybank Kim Eng Securities, told Việt Nam News it was not a good time to sell gold or speculate in the precious metal.
 
Khánh said prices also rose two years ago when cash was diverted from the declining Bitcoin to gold. He said COVID-19 and China-US tensions had added to the sharp increase, and said global prices could reach $2.000 per ounce ($2,410 per tael) this year.
 
“Investors must be extremely cautious if they buy gold now,” Khánh said.
 
“Normally the gap between selling and buying is VNĐ500,000-700,000, but today it reached more than VNĐ1 million. Prices could fluctuate a lot,” he added. 
 
On the State Bank of Việt Nam (SBV)'s website, there were no announcements regarding the management of gold prices. 
 
“SBV does not need to make an announcement because Decree 24 on gold price management issued in 2012 had done a great job stabilising the local forex market and gold prices,” Khánh said.
 
“Gold demand in Việt Nam was now lower than in global markets,” he said, adding that people had stopped hoarding gold.
 
“However, at these prices, investors are unsure which way to turn.’ — VNS
 
Read original article here
 
Newer News
23/07 Việt Nam’s digital asset market attracts major players
17/07 Vietnamese banks set for growth on major policy shift
17/07 Central bank to assess compliance of banks in risk management
17/07 Interest rate cut requires a trade-off in foreign exchange rate
11/07 Data is crucial for banking industry to move to new development phase
09/07 Bank credit growth hits two-year high in first half of year
30/06 Central bank resumes issuing bills after four months of suspension
24/06 Overnight interbank interest rate hits 16-month low thanks to abundant liquidity
18/06 Micro, small businesses still face difficulties to access loans despite high credit growth
18/06 Shaping Việt Nam's carbon credit market demands robust institutional framework
Older News
25/02 Reference exchange rate up 2 VND on February 25
24/02 Reference exchange rate up 4 VND at week’s beginning
20/02 Reference exchange rate revised up 6 VND
18/02 Reference exchange rate revised down 4 VND
17/02 Reference exchange rate up 3 VND at week’s beginning
15/02 VN banks more open for EU investors under newly-approved trade pact
15/02 Real estate firms dominate bond issuance in January
14/02 Reference exchange rate up 9 VND on February 14
13/02 Reference exchange rate down 2 VND on February 13
11/02 Reference exchange rate up 6 VND on February 11
 
Newsletter Signup
Top Stories
MoF proposes 20% tax on capital gains from securities and equity transfers
HNX halts new stock listings in exchange restructuring
Market begins July with optimism, strong foreign investment
Việt Nam's GDP growth poised to beat forecast by 0.3%: official
Market extends rally as VN-Index surpasses 1,365 points
Market Update
Last updated at 3:10:01 PM
VN-INDEX 1,521.02 +8.71/+0.58%
Real-time chart
Top 5 Actives
Top 5 Gainers
Top 5 Losers
My Favorite Quotes
Company Research
Type in the symbol above for thorough background information, key statistics and financial information.
Stock Sectors
We continuously improve our services, here are the latest updates...
Portfolio
Allow you to monitor a customised group of securities. You can set up multiple Portfolios to help you better manage your investments.
Trigger Alerts
Get up-to-date alerts delivered directly to your email address.
Stock Screener
Allow you to filter the market and find exactly what sort of company you are looking for.
Live Terminal
Get instant access to FREE REAL-TIME streaming quotes for hundreds of stocks from HOSE, HNX and UPCOM exchanges.