Customers buy gold bars at a shop of Bao Tin Minh Chau in Hanoi. VNA/VNS
HANOI: Domestic gold prices rallied on Thursday (March 7) morning to set a new record at VNĐ81.25 (US$3,385.4) million per tael for SJC gold bars and VNĐ68,8 million for gold rings, after global prices hit an all-time high of US$2,152.09 per ounce on Wednesday.
One tael is equivalent to 1.33 ounces.
At 9.30am (local time), SJC gold prices are quoted at VNĐ79.3 million per tael for sellers and VNĐ81.32 million per tael for buyers, up VNĐ300,000 per tael from the previous session.
Similarly, DOJI gold prices saw an increase of VNĐ300,000 per tael to VNĐ79.25 - VNĐ81.25 million per tael.
Meanwhile, Bao Tin Minh Chau Company bought and sold gold rings at VNĐ67.63 - VNĐ68.83 million per tael, a VNĐ200,000 increase over the previous session.
DOJI’s gold rings also inched VNĐ200,000 higher to VNĐ67.50 - VNĐ68.80 million.
Given the growth of the domestic gold bars, the spread between the domestic and global prices is now nearly VNĐ19 million per tael.
Global gold prices’ recent rallies were driven by expectations that the US Federal Reserve would perform a rate cut in June.
Supporting the bet, Fed Chair Jerome Powell indicated a rate cut later this year at congressional testimony on Wednesday. — Vietnam News/ANN
