On Saturday morning, gold prices in Vietnam experienced an increase, in contrast to the general slump observed across Asia. This increase occurred in spite of a lack of enthusiasm for jewelry in the market.
Saigon Jewelry Company noted a rise of 1.12% in the value of their gold bars, bringing the price up to VND180 million (US$6,931.10) per tael. It’s worth noting that a tael is equivalent to 37.5 grams, or around 1.2 ounces.
In addition, the price of gold rings increased by 0.56%, reaching a value of VND180.5 million per tael. Thus far in the year, gold prices in Vietnam have consistently been on an upward trend, rising by 18%.
Across the broader Asian market, gold was trading at lower rates late Friday. For the first time in almost a month, gold began trading at a discount in India due to the volatility of its prices, deterring potential buyers. On the contrary, demand for gold was strong in China in the buildup to the Lunar New Year holiday.
Last week Indian bullion dealers offered a discount of up to $12 per ounce on official domestic gold prices. These prices include a 6% import fee and a 3% sales levy, a decrease from last week’s premium of up to $70.
One jeweler based in Hyderabad observed, “Jewelry demand has not recovered despite jewelers offering discounts on making charges. Retail buyers are not comfortable making purchases at current price levels.”
Meanwhile, in China, bullion traded at a discount of $8 to premiums of up to $10 an ounce above the global benchmark spot price. This price shift happened in light of the nine-day Lunar New Year holiday starting on February 15.
What has been the trend for gold prices in Vietnam?
Gold prices in Vietnam have been steadily rising this year, with an 18% increase noted so far.
Why did gold start trading at a discount in India?
The volatility of gold prices has been deterring potential buyers, resulting in gold trading at a discount for the first time in almost a month.
How has the demand for gold been in China?
There has been a robust demand for gold in China, especially with the approach of the Lunar New Year holiday.
