SJC gold price skyrockets to VND70 million per tael on global market rally
VOV.VN - After witnessing three consecutive days of increase, SJC gold price officially surpassed the VND70 million per tael mark on October 12 morning.
At 8:30 a.m. on October 12 the SJC gold price was traded at around VND69.35 million per tael for buying and VND70.5 million per tael for selling, representing an increase of VND200,000 compared from the previous day. Most notably, SJC gold bars were sold at VND70.7 million per tael.
According to analysts, domestic gold prices saw strong fluctuations due to the soaring price of gold in the global market.
Nguyen Ngoc Trong, director of NPJ New Partner Gold Company, attributed the global price surge to concerns surrounding the ongoing Israel-Hamas conflict, prompting investors to buy more.
Given the context, both buyers and sellers in Vietnam also hold high expectations that gold prices will keep rising in the coming days, Trong said.
In addition, a limited supply of SJC gold has also contributed to pushing up gold prices locally over recent days, Trong added.
Gold continues to be considered as a safe asset due to the escalating conflict in the Middle East. Krishan Gopaul, a senior analyst at the World Gold Council, pointed out that the absorption of gold purchases has remained as strong as ever since September, with central banks enjoying huge profits from buying gold.
Insiders predict that gold prices will rise in the near future, particularly as the US Federal Reserve (FED) may keep interest rates unchanged next month.
