The consumer price index (CPI) in February this year jumped by 1.52 percent over the previous month, the highest increase of the index in February in the past eight years, and 1.58 percent compared to December last year.
While the global gold price climbed, the price of gold in Vietnam on February 22 retreated by VND200,000 per tael (1.2 ounces) compared to the previous day, the day of the God of Wealth. Early in the morning, gold trading businesses simultaneously lowered their prices by VND300,000-VND350,000 per tael. However, after that bullion prices slightly increased again.
The global gold prices continued to decline further, dragging the price of gold in Vietnam to plummet by more than VND1 million per tael compared to the late afternoon of the previous day on November 25, falling off the VND55-million-per-tael mark.
Along with the losing trend of the global gold prices, the price of gold in Vietnam fell by VND650,000 per tael compared to the late afternoon of the previous day to nearly VND55 million per tael for buying on November 24.
Following a sharp decline in the global gold price, the price of gold in Vietnam fell by VND400,000 per tael compared to the previous day on September 22.
Both global and domestic gold prices set an all-time high in the first half of August this year, then declined sharply. Thus, after nearly 9 years of stability, the gold market has been vexed again amid the context that the global economy has been turned upside down due to the Covid-19 pandemic. Moreover, the recent trade tensions between the US and China have made this precious metal sparkle again.
Saigon Jewelry Company bought gold at VND56.5 million per tael and sold at VND58.15 million per tael, an increase of VND1.4 million per tael in buying rate and VND1.65 million per tael in selling rate compared to the previous day, at 5 p.m. on August 18.
