Domestic gold prices hit new record high

December 20, 2023 | 12:00

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Domestic gold prices kept skyrocketing on December 20 morning to pass the historic high, reaching 75.4 million VND (nearly 3,100 USD) per tael (1.2 ounces).

Domestic gold prices hit new record high, Illustrative image (Photo: VNA)

Hanoi - Domestic gold prices kept skyrocketing on December 20 morning to pass the historic high, reaching 75.4 million VND (nearly 3,100 USD) per tael (1.2 ounces).

At 9:13 am in Hanoi, Doji Group listed each tael of SJC gold at 74.4 – 75.4 million VND (buying – selling), adding 550,000 VND for buying and 500,000 VND for the selling side from a day before.

Meanwhile, Phu Quy Group rated the precious metal at the same prices to Doji Group’s, up 550,000 VND for both buying and selling compared to the previous day.

The prices of gold also went up in the global market when the USD weakens and investors are waiting for the announcement of a series of new economic data later this week.

The upward trend in gold prices occurs as the US dollar index decreases by 0.4 per cent, and the yield on 10-year US government bonds is near its lowest level since July 2022.

Bart Melek, Global Head of Commodity Strategy at TD Securities, has said that investors have been strongly buying gold in anticipation of the Federal Reserve (FED)’s cutting interest rates before inflation reaches its target.

Gold prices plunge on July 18

Vietnam’s gold prices saw a historic one-day fall on July 18, going down by 4 million VND (170 USD) a tael.

Gap between domestic and global gold prices is reasonable: SBV Governor

Though the gap between domestic and global gold prices is significant, Governor of the State Bank of Vietnam (SBV) Nguyen Thi Hong said it is reasonable due to restricted supply.

By VNA

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