Gold climbs to new peaks within day

SJC gold bar price rose 1.30% from Sunday to VND78 million ($3,217.16) per tael at around 3 p.m. after climbing to a historic peak of VND77.3 million a few hours earlier.

This means gold prices added VND1 million per tael in a single day. A tael equals 37.5 grams or 1.2 ounces.

Gold ring price gained marginally by 0.16% to VND63.05 million per tael.

Vietnam gold prices have been surging in recent weeks due to low supply, analysts say.

The supply of gold has been declining since 2019 when a large amount was exported, said Le Thuy Hang, CEO of Saigon Jewelry Company, a state-owned firm that exclusively produces Vietnam’s SJC gold.

“Vietnam’s gold price is now much higher than the global rate because there is low supply domestically.”

The U.S. market is closed Monday for the Christmas holiday. Gold scaled a more than two-week high on Friday, rising for a second week as the dollar and U.S. Treasury yields slipped on rising expectations the Federal Reserve will cut interest rates early next year, Reuters reported.

Spot gold was up 0.4% at $2,052.69 per ounce, its highest level since Dec. 4, putting it on course for a 1.7% weekly gain.

This means gold bar price in Vietnam is now 29% higher than the global rate.