Each amount of gold increases by 2 million VND on Tet

On February 21 (the 5th day of Tet), some brands reopened after the Lunar New Year holiday. Phu Nhuan Jewelry Joint Stock Company (PNJ) listed gold bar prices at 178 – 181 million VND per tael, an increase of 2 million VND compared to before the holiday. Bao Tin Manh Hai also listed the price of gold bars at 178 – 181 million VND.

With plain gold rings, PNJ raised the price of gold rings to 177.5 – 180.5 million VND per tael. Blister-pressed round rings at Bao Tin Manh Hai also increased to around 179.5 – 182.5 million VND, an increase of 2 million each way of buying and selling.

Other big brands such as SJC, DOJI, Phu Quy have not reopened yet.

The difference in domestic and world gold prices is still high at 20-21 million VND per tael. On the international market, each ounce of gold delivered at 3:00 p.m. (Hanoi time) was trading around 5,105 USD, an increase of more than 100 USD in the past day.

The world precious metals market rose due to lower-than-expected US GDP data and President Donald Trump’s reaction after the Supreme Court ruled against some of his import taxes. Converted according to Vietcombank selling exchange rate, the world gold price is equivalent to 160.9 million VND per tael.

In the latest forecast, JP Morgan Bank forecasts that world gold prices could reach 6,300 USD an ounce this year thanks to the purchasing power of central banks and investors. This bank forecasts that central banks will buy 800 tons of gold this year, while assessing that reserve diversification is still ongoing and has not been exhausted.

“We continue to be optimistic about medium-term gold prices thanks to the solid trend of asset diversification, especially when real assets are outperforming stocks and bonds,” the company said.