Domestic gold price lower than world prices

SJC gold price was sold at lower prices than global gold price in  last two days after six years of being sold higher with the difference reaching the peak of VND5 million (US$223) a tael.

Since the beginning of this year, the world price has increased US$200 an ounce, equivalent to VND5.3 million a tael while local prices jumped VND2.4 million a tael.

Last week, global gold prices increased nearly US$40 an ounce equivalent to VND1 million per tael while domestic price saw a hike of only VND520,000 a tael.

SJC gold price of Sai Gon Jewellery Joint Stock Company was VND250,000 lower than global prices on March 4. It was VND3 million higher than the world price at the end of last year.

Yesterday afternoon, SJC gold buying and selling prices dropped VND90,000 and VND40,000 a tael over the previous session to VND33.73 million and VND34.03 million in HCMC.

DOJI Gold and Germs Group bought a tael of SJC gold at VND33.83 million and sold at VND33.93 million, down VND80,000 a tael, at the same time in Hanoi.

In the world market, Kitco Company reduced gold price by $10 per ounce to buy at $1,259 and sell at $1,260.

That was equivalent to VND34 million a tael, VND30,000 lower than SJC price in HCMC and VND70,000 higher than DOJI’s gold price in Hanoi.

By Nhung Nguyen – Translated by Hai Mien

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