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Tag: gold price

  • Gold prices up

    Gold prices up

    SJC gold gained 0.07% to VND66.9 million ($2,819.45) per tael Friday morning.

    Gold ring price rose 0.09% to VND54.1 million per tael. A tael equals 37.5 grams or 1.2 ounces.

    Globally gold prices rose on Friday, on track for their first weekly gain in five, as the dollar eased, even though fears persisted that the U.S. Federal Reserve would keep raising interest rates to curb inflationary pressures.

    Spot gold was up 0.3% at $1,840.89 per ounce.

    The dollar index eased 0.1%, making bullion more affordable for buyers holding other currencies.

    The number of Americans filing new claims for unemployment benefits fell again last week, pointing to sustained labour market strength and adding to fears that the Fed would keep hiking interest rates for longer.

    Another report from the U.S. Labor Department on Thursday showed labor costs grew much faster than previously estimated in the fourth quarter.

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  • Gold prices rise

    Gold prices rise

    SJC gold prices increased 0.15% from an 11-week low Tuesday to VND66.7 million ($2,779) per Tuesday Wednesday afternoon.

    Gold ring prices dropped 0.19% to VND53.85 million per tael. A tael equals 37.5 grams or 1.2 ounces.

    Global spot gold was down 0.3% at $1,807.80 per ounce as the U.S. dollar ticked, but prices moved in a tight range in subdued trading due to the lack of fresh triggers.

    Gold is seeing limited price action as trading activity is light ahead of the New Year holiday and there is no major economic data scheduled this week, said Hareesh V., head of commodity research at Geojit Financial Services.

    Gold has risen nearly $200 from a more-than-two-year low in late September as the dollar’s appeal was dented by expectations that the U.S. Federal Reserve would slow its pace of interest rate hikes.

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  • Gold prices inch up

    Gold prices inch up

    SJC gold prices went up 0.22% to VND67.15 million per tael Tueday. Gold ring prices fell 0.09% to VND53.95 million. A tael equals 37.5 grams or 1.2 ounces.

    Global spot gold increased by 0.3% at $1,791.91 per ounce as the dollar dipped, although lingering worries about further interest rate hikes from the U.S. Federal Reserve kept the non-yielding bullion’s gains in check.

    European Central Bank Vice-President Luis de Guindos signaled the bank was determined to keep raising interest rates.

    Investors also took stock of news that in top bullion consumer China, Covid-19 is sweeping through trading floors in Beijing and spreading fast in the financial hub of Shanghai. The country reported five new Covid deaths for December 19.

    “If China brings back restrictions and if that were to happen over the holiday period, it is the perfect catalyst for large moves (in gold) to the downside,” Simpson added.

  • Gold demand recovers to its pre-pandemic level

    Gold demand recovers to its pre-pandemic level

    Vietnam’s gold consumption reached 45.6 tons the first nine months of 2022, compared to 45 tons during the same period in the pre-pandemic year of 2019.

    In Q3, the country’s gold demand more than tripled to 12 tons from 3.3 tons a year earlier. Bullion and coin sales rose to 8.5 tons from 2.4 tons, and jewelry sales to 3.5 tons from 0.9 tons, according to a report by the World Gold Council.

    Andrew Naylor, Managing Asia-Pacific Director of (excluding China) of WGC, said Vietnam’s economic recovery boosted gold demand in Q3.

    In the first nine months of last year, consumption was just 34.5 tons because of pandemic impacts .

    In Vietnam, gold prices in have gained by over 9.3% since the beginning of the year.

    On Tuesday, gold price at the state-owned Saigon Jewelry Company (SJC) dropped 0.15% to VND67.4 million ($2,712) per tael. A tael is equal to 37.5 grams or 1.2 ounces. Jewelry firm DOJI maintained its price at VND67.4 million.

    In total, the world’s gold demand amounted to 1,181 tonnes in July-September, up 28% from 922 in the same period in 2021, the WGC said.

    Demand for gold was also strong from jewelers and buyers of gold bars and coins, the WGC said in its latest quarterly report, but exchange traded funds (ETFs) storing bullion for investors shrank.

    Gold is typically seen as a safe asset for times of uncertainty or turmoil, but many financial investors sold shares in gold-backed ETFs as interest rates rose and pushed up returns on other assets.

    “Looking ahead, we anticipate central bank buying and retail investment to remain strong,” Reuters quoted WGC analyst Louise Street as saying.

    “We also expect to see jewelery demand continue to perform strongly in some regions such as India and Southeast Asia,” she said.

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  • Gold prices see historic one-day drop

    Gold prices see historic one-day drop

    Vietnam’s gold prices saw one of the deepest daily plunges in their history, going down by VND4 million ($170) a tael Monday.

    The Saigon Jewelry Company (SJC) sold its gold at VND64 million Monday afternoon, down almost 6 percent from the weekend. A tael equals 37.5 grams or 1.2 ounces.

    The gold prices were down on dollar appreciation, with investors selling assets, including gold, to buy the greenback, said chairman Tran Thanh Hai of SJC Phu Tho.

    Strong selling pressure following an announcement by the central bank on looking at the possibility of reducing SJC’s monopoly on gold saw people sell gold bullion and stockpile on gold jewelry.

    Currently, a tael of gold bullion and jewelry in Vietnam costs VND17.5 and VND5 million more than global prices, respectively.

    Hai expected prices to fall further the next few days, tracking drops in the London and Chicago exchanges.

    “Prices may fall below the $1,700 threshold [per ounce],” he added.

    Spot gold rose 0.9 percent to $1,722.88 an ounce by 10:34 a.m. Monday in London. Prices dipped below $1,700 last week for the first time since August. The Bloomberg Dollar Spot Index slipped 0.5 percent after hitting a record last week. Silver, platinum and palladium all advanced.

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  • Vietnam gold prices surge to new peak

    Vietnam gold prices surge to new peak

    Vietnam gold prices rose to another new peak Wednesday, continuing its climbing trend in recent weeks as the Russia-Ukraine tension remains high.

    The state-owned Saigon Jewelry Company (SJC) sold its gold at VND67.4 million ($2,951.61) per tael Wednesday, up 1.35 percent from Tuesday. A tael equals 37.5 grams or 1.2 ounces.

    Phu Nhuan Jewelry raised its gold up by 1.05 percent also to VND67.4 million.

    Global rates slipped marginally to $1,941.46 per ounce Wednesday from the one-year high Tuesday as investors continued to seek the safe-haven assets as U.S. and Europe put more sanctions on Russia for attacking Ukraine.

    Vietnam was Southeast Asia’s largest gold bullion and coin market last year and among the top 10 globally.

    The demand in the country exceeded 31.1 metric tons compared to 28.7 tons in Thailand and 19.8 tons in Indonesia, according to the World Gold Council.

    Gold continued to be the top asset class for 72 percent of Vietnamese investors, the WGC said citing a study of 2,000 investors last year.

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  • Vietnam gold prices climb to new record

    Vietnam gold prices climb to new record

    Vietnam gold prices rose to a new high Tuesday on the back of global rates soaring because of rising international tensions over the Ukraine situation.

    The Saigon Jewelry Company (SJC) was selling its gold at VND63.85 million ($2,798) per tael at 3 p.m., up 1.03 percent from Monday. A tael equals 37.5 grams or 1.2 ounces. It then fell to VND63.6 million at the time of publishing.

    DOJI sold its gold at VND63.65 million, up 0.71 percent.

    In the global market, gold rose 0.2 percent to a near nine-month high of $1,909.33 per ounce, as tensions intensified in Eastern Europe intensified after Russia ordered troops into breakaway regions of eastern Ukraine, supporting demand for safe-haven bullion.

    “With the situation deteriorating seemingly by the day in Eastern Europe, there is very little reason to be negative on gold at the moment,” said Jeffrey Halley, a senior market analyst at OANDA.

  • Vietnam gold prices rise to new record

    Vietnam gold prices rise to new record

    Gold prices in Vietnam hit a new peak Monday ahead of the God of Wealth Day amid surging demand.

    Saigon Jewelry Company (SJC) sold its gold at VND63.5 million ($2,801.49) per tael Monday afternoon, up 1.02 percent from Friday. A tael equals 37.5 grams or 1.2 ounces.

    Prices at another major reseller, DOJI, stood at VND63.4 million.

    The increase came ahead of the annual God of Wealth Day on Friday. This is the time when Vietnamese often purchase gold with the belief that the metal could bring good fortune to their business and family through Lunar New Year.

    Global gold prices hit a more than the one-week peak of $1,812.80 per ounce Monday, as inflationary pressures due to surging oil prices helped cushion the impact of a U.S. Treasury yield rally after an upbeat jobs report.

    “Gold is getting a little bit defensive, realizing that we could be in this state for hyperinflation,” Stephen Innes, managing partner at SPI Asset Management said.

  • Gold prices hit new peak

    Gold prices hit new peak

    Vietnam’s gold price hit a new historic peak of VND62.7 million ($2,769.32) per tael Tuesday, surpassing the previous record in August 2020, even as global rates went flat.

    Saigon Jewelry Company (SJC) sold its gold at VND62.7 million per tael Tuesday, up 1.2 percent to a new record. A tael equals 37.5 grams or 1.2 ounces.

    Jewelry company DOJI sold its gold at around VND62.6 million and Phu Nhuan Jewelry, for VND62.3 million.

    Global rates were little changed at $1,840.49 per ounce Tuesday afternoon as concerns about a faster pace of policy tightening by the U.S. central bank countered safe-haven demand, fueled by escalating tension over Ukraine.

    Vietnam’s gold is now VND12 million, or 23.7 percent, higher than global rates.

  • Gold price gains in eighth session

    Gold price gains in eighth session

    Vietnam’s gold prices climbed up for the eighth straight session Wednesday even as global rates steadied because of rising dollars.

    Saigon Jewelry Company (SJC) sold its gold at VND62.15 million ($2,727.65) per tael in the morning, up 0.57 percent from Tuesday afternoon. A tael equals 37.5 grams or 1.2 ounces.

    This means gold prices are 0.24 percent away from the previous historic peak last year.

    Since early November, gold has gained 6.6 percent.

    Vietnam’s gold is now VND11.25 million more expensive than global rates.

    Globally, spot gold rose 0.2 percent to $1,854.39 per ounce Wednesday, a marginal gain as a jump in U.S. retail sales kept the dollar close to a 16-month high.

    U.S. retail sales jumped in October, topping expectations, in an indication that high inflation was not yet dampening spending, even as worries about the rising cost of living sent consumer sentiment tumbling to a 10-year low in early November.

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  • Gold scales 8-month peak on Fed rate pause hopes, trade woes

    Gold scales 8-month peak on Fed rate pause hopes, trade woes

    Gold prices edged up on Wednesday to hit their highest since May, supported by uncertainty over U.S.-China trade relations and expectations the U.S. Federal Reserve will keep rates on hold later in the day. Spot gold was up 0.2 percent at $1,313.91 per ounce by 0245 GMT, after touching its highest since May 15 at $1,314.10 early in the session. U.S. gold futures rose 0.3 percent to $1,312.30 per ounce.

    “For the short-term gold is going to move higher as the Federal Reserve will have a dovish tone, which should weaken the dollar and give gold a bit of a move up,” said INTL FCStone analyst Edward Meir.

    The absence of an agreement in U.S-China trade talks should also benefit gold, he said.

    Investors are waiting on the Federal Reserve’s policy decision later in the day, with expectations officials will reinforce their recent dovish stance given a stalemate on global trade, signs of a slowdown in the U.S. economy, and waning business and consumer confidence.

    The Fed raised interest rates four times last year.

    Investors are also concerned that criminal charges against China’s Huawei Technologies Co. Ltd. for violating U.S. sanctions against Iran could complicate U.S.-China trade talks.

    China’s Vice Premier Liu is due to meet with U.S. Trade Representative Robert Lighthizer later in the day.

    “Gold also looks good on the charts … Physical demand seems to be improving in some markets and ETF buying has been increasing. In general the path of least resistance is probably higher from here,” Meir said.

    Underscoring investor interest in the bullion, holdings of SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, rose 1 percent to 823.87 tonnes on Tuesday, to their highest since June.

    SPDR gold holdings have risen 4.6 percent so far this month, their best since September 2017.

    “A combination of falling treasury yields, anxiety over Brexit and Venezuela is all helping gold,” said Nicholas Frappell, global general manager at ABC Bullion.

    British lawmakers rejected most amendments that aimed to keep Britain from leaving the European Union without a deal, reviving worries of a chaotic withdrawal from the trading bloc that would damage the UK economy.

    Silver rose 0.3 percent to $15.88 per ounce, having hit its highest since July 2018 at $15.92 in the prior session.

    Palladium fell 0.2 percent to $1,343.50, while platinum was up 0.4 percent at $813.

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  • Easing price of gold gives Luk Fook sales some shine

    Easing price of gold gives Luk Fook sales some shine

    Luk Fook achieved same-store sales growth of 14 per cent in its latest quarter, thanks to lower gold prices, good market sentiment and a successful sales strategy. In a note to shareholders, chairman and CEO Wai Sheung Wong said same-store sales of gold products rose by 23 per cent and of gem-set jewellery by 5 per cent.

    Luk Fook Hong Kong and Macau sales led the way, rising 17 per cent, with gold products up 30 per cent, during the three months to September 30.

    However, depreciation of the Renminbi led to a higher tendency for customers to purchase lower-value items, resulting in a single-digit drop in the average selling price of gem-set jewellery products.

    The jeweller’s fortunes appear to have endured after the quarter ended.

    “In the first two weeks of October, the growth momentum of Hong Kong and Macau market

    continued, with same-store sales sustained at a double-digit growth. As for the mainland market, because of the large number of outbound travellers during the long holiday period and a high base, same-store sales of self-operated shops recorded a double-digit drop in the first two weeks of October,” said Wong.

    During the quarter, there was a net addition of 57 Lukfook shops on the mainland: 62 more licensed shops and five fewer self-operated shops.

    At the end of the quarter, Luk Fook had 223 self-operated shops, including 151 in Mainland China, 50 in Hong Kong, 11 in Macau and 11 overseas. It had a further 1500 licensed shops on the mainland, one in Cambodia and one in the Philippines, taking the total network to 1725.

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