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Tag: gold

  • Gold Prices Surge to Five-Day High Amid Rising Consumer Demand

    Gold Prices Surge to Five-Day High Amid Rising Consumer Demand

    Vietnam’s gold prices reached a five-day peak on Tuesday morning, reflecting a notable uptick in consumer demand and market activity.

    Local Gold Market Highlights

    The Saigon Jewelry Company reported that gold bars increased by 1.51%, now priced at VND 121.3 million (approximately $4,668.98) per tael, equivalent to 37.5 grams or 1.2 ounces. Additionally, the price for gold rings rose by 1.3%, now sitting at VND 116.5 million per tael. Since the beginning of the year, gold prices in Vietnam have surged by an impressive 44%, driven by robust consumer interest and changing economic conditions.

    Global Market Trends Impact Pricing

    On the international stage, gold experienced a slight decline as easing trade tensions between the U.S. and its trading partners waned the metal’s appeal as a safe haven. As reported by Reuters, spot gold dipped by 0.4% to $3,329.12 per ounce at 02:11 GMT, while U.S. gold futures fell by 0.2%, trading at $3,342.40.

    Market analysts attribute this shift to an improved risk environment, suggesting that optimism regarding future trade agreements has alleviated some concerns. “The sentiment has brightened as market participants are hopeful that the worst of the trade tensions is behind us,” stated IG market strategist Yeap Jun Rong.

    Economic Concerns Linger

    Despite positive trends, there are warnings about potential recession risks looming over the global economy. A recent Reuters poll revealed that many economists believe policies such as tariffs imposed by the Trump administration have negatively impacted business sentiment. Nevertheless, analysts like Rong foresee long-term support for gold prices due to ongoing reserve diversification by emerging market central banks.

    Looking Ahead: Impact on Retail and Consumers

    As gold prices fluctuate, their implications extend beyond investment and into the broader retail sector. The increased consumer interest in gold can influence not only prices but also spark greater activity in jewelry sales and investments. Retailers may see heightened demand as consumers seek to navigate uncertain economic landscapes, ultimately shaping consumer trends and brand expansion strategies in the gold market.

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  • Gold Prices Plummet as Global Rates Decline: Retail Impact Ahead

    Gold Prices Plummet as Global Rates Decline: Retail Impact Ahead

    Gold prices in Vietnam saw a significant decline on Monday morning, mirroring a global downturn in bullion rates which fell by over 1%. This development marks an important shift in the market, reflecting changing consumer trends and economic indicators.

    Vietnamese Market Reaction

    The Saigon Jewelry Company reported a decrease in the price of gold bars by 1.24%, now priced at VND119.5 million (approximately US$4,597.04) per tael. Similarly, gold ring prices dropped by 1.29%, settling at VND115 million per tael. Notably, gold bar prices have surged 40.6% year-to-date, demonstrating a volatile yet upward trend in the sector.

    The State Bank of Vietnam has mentioned it may take steps to stabilize the gold market. In a recent statement, they acknowledged the considerable disparity between domestic and global gold prices and expressed intentions to intervene as needed to address these issues.

    Global Influences on Gold Prices

    Globally, gold prices declined by 1.4%, with spot gold trading at $3,272.89 per ounce. After reaching a record high of $3,500.05 on April 22, bullion’s descent reflects a shift in investor sentiment fueled by easing U.S.-China trade tensions. U.S. gold futures also experienced a slight setback, dropping 0.4% to $3,283.70.

    The strength of the U.S. dollar has made gold less accessible to overseas buyers by raising prices internationally. Tim Waterer, chief market analyst at KCM Trade, noted that improved perceptions regarding tariff negotiations between the U.S. and China have contributed to a reduced demand for safe-haven assets like gold.

    Understanding the Economic Landscape

    Historically, gold serves as a sanctuary during times of economic and political uncertainties. It thrives particularly well in environments featuring low interest rates. As market dynamics fluctuate, investors will be closely monitoring the evolving landscape—especially how potential trade agreements could further impact the value of gold and other commodities.

    As the retail sector navigates these changes, both consumers and investors may need to adapt strategies in response to shifting gold prices, reflecting broader economic trends and consumer sentiments.

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  • Vietnam discovers 12 mines containing over 10 tons of gold

    Vietnam discovers 12 mines containing over 10 tons of gold

    A major gold discovery in central Vietnam has revealed 12 mines containing over 10 tons of gold and 16 tons of silver, according to the Mid-Central Geological Division.

    The discoveries were made following geological investigations across 32 areas with gold ore potential.

    Vietnamese authorities have identified around 500 gold-bearing locations nationwide. Of these, 30 sites have undergone detailed surveys, revealing an estimated total of 300 tons of gold reserves. Most of these deposits are concentrated in mountainous areas of northern Vietnam and several central provinces.

    Starting in 2025, the Department of Geology and Minerals has been launching a new project to evaluate mineral potential in central Vietnam, focusing on localities like Quang Nam, Quang Ngai, Binh Dinh and Phu Yen provinces.

    Another mineral survey project, initiated in 2017, led to the recent discovery of 40 gold mines with total estimated reserves of nearly 30 tons.

  • Gold prices set new records twice in one day

    Gold prices set new records twice in one day

    Vietnam gold prices kept climbing to new historic peaks on Monday afternoon after setting records in the morning.

    Saigon Jewelry Company gold bar price rose 0.3% to a record VND101.8 million (US$3,980.45) per tael. It had earlier surged 0.8% to VND101.5 million.

    Gold ring price was up 0.29% to VND101.9 million per tael after jumping 1.2% to VND101.6 million in the morning. A tael equals 37.5 grams or 1.2 ounces.

    Globally, gold hit a record high and was set to post its biggest quarterly gain in over 38 years on Monday, as concerns over U.S. President Donald Trump’s tariff plans widening the global trade war and triggering an economic slowdown boosted bullion’s appeal, Reuters reported.

    Spot gold jumped 1.1% to $3,116.82 an ounce after hitting an all-time high of $3,128.06 earlier. U.S. gold futures was up 1.1% to $3,148.00.

    Gold, traditionally seen as a hedge against political and economic uncertainties, has risen over 18% so far this quarter, its biggest quarterly gain since September 1986.

    Interest rate cut bets, central bank buying and exchange-traded fund (ETF) demand are the other factors that have supported the rally. The rapid price rise prompted multiple banks to increase their 2025 price forecasts.

    Trump is expected to announce reciprocal tariffs on April 2, while automobile tariffs will take effect on April 3. On Sunday, Trump said he was “pissed off” at Russian President Vladimir Putin and would impose secondary tariffs of 25%-50% on buyers of Russian oil if he feels Moscow is blocking his efforts to end the war in Ukraine.

  • Gold prices plummet from peak

    Gold prices plummet from peak

    Vietnam gold bar price fell to VND90.2 million (US$3,524.13) per tael Wednesday morning, down 2.28% from the record high it reached the previous day.

    It reached an all-time high of VND92.3 million per tael on Tuesday morning before plunging to VND90.5 million that afternoon.

    Gold ring price dived to VND89.7 million per tael from Tuesday’s historic peak of VND91.7 million. A tael equals 37.5 grams or 1.2 ounces.

    Globally, gold prices retreated on Wednesday from an all-time high hit in the previous session, as Federal Reserve Chair Jerome Powell’s hawkish comment cemented views of slower rate cuts this year, while investors awaited a key U.S. inflation report.

    Spot gold fell 0.4% to $2,885.53 per ounce. Bullion climbed to a record high of $2,942.70 on Tuesday. U.S. gold futures eased 0.8% to $2,910.70.

    Powell said on Tuesday the economy is in a good place and the Fed isn’t rushing to cut interest rates further, but is prepared to do it if inflation drops or the job market weakens.

    Bullion is considered a hedge against inflation, but higher interest rates dampen the non-yielding asset’s appeal.

    “The bullish trend (in gold) remains intact given the tariff picture uncertainty and the resulting safe-haven flows, which could keep underpinning the precious metal,” said Tim Waterer, chief market analyst at KCM Trade.

  • Luk Fook’s retail revenue falls in third quarter

    Luk Fook’s retail revenue falls in third quarter

    Luk Fook posted lower retail revenue in the fiscal third quarter as high gold prices continued to weaken consumer sentiment.

    The group’s retail revenue fell 9 percent as Hong Kong and Macau plunged 20 percent and Mainland China soared 27 percent.

    Overall same-store sales plummeted 22 percent, with Hong Kong and Macau decreasing 24 percent and Mainland China falling 11 percent.

    In terms of products, same-store sales of gold fell 26 percent while fixed-price jewelry slid 7 percent.

    During the three months ended March 31, the group saw a net decrease of 65 shops.

    Moving forward, the company plans to actively promote non-diamond fixed price jewellery products as demand for diamond products remains weak.

    The company also anticipates sales of gold products to resume to normal levels after consumers adapt to high gold prices.

    Luk Fook targets to allocate more resources for expansion and add about 15 shops in the overseas markets in the current financial year.

    The company forecasts business performance to improve in the second half.

  • Gold price gains in Vietnam, drops globally

    Gold price gains in Vietnam, drops globally

    Gold price went up marginally in Vietnam but fell globally as investors took profit Tuesday morning.

    Saigon Jewelry Company gold bar increased by 0.23% to VND87.1 million (US$3,430.49) per tael.

    Gold ring price went up 0.23% to VND85.9 million per tael.

    Globally gold slipped as investors booked profits after prices hit more than one-month high earlier in the day on increased expectations of an interest rate cut by the Federal Reserve next week.

    Spot gold shed 0.5% to $2,704.41 per ounce. It hit the highest since Nov. 6 earlier in the session.

    U.S. gold futures fell 0.5% to $2,744.60.

    “It’s just profit booking because we’ve seen a good rally in gold due to various factors this week, including geopolitical tensions, China resuming gold purchases and the inflation number yesterday being in line with expectation,” said Ajay Kedia, director at Kedia Commodities, Mumbai.

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  • Vietnam gold price’s rally continues as global rates jump

    Vietnam gold price’s rally continues as global rates jump

    Gold prices in Vietnam continued to rise Tuesday as global rates surged to a one-week high.

    Saigon Jewelry Company gold bar price went up 1.19% to VND85 million (US$3,345.80) per tael.

    Gold ring gained 1.08% to VND84 million per tael. A tael equals 37.5 grams or 1.2 ounces.

    Globally gold prices climbed to a one-week high on Tuesday, buoyed by a softer U.S. dollar, while the market awaited comments from Federal Reserve officials for cues on the U.S. interest rate outlook, Reuters reported.

    Spot gold rose 0.4% to $2,623.54 per ounce, the highest since Nov. 12. Prices rose 2% on Monday.

    U.S. gold futures gained 0.5% to $2,627.60.

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  • Italian jewellery brand Vhernier enters Vietnam

    Italian jewellery brand Vhernier enters Vietnam

    Italian luxury jeweller Vhernier will make its physical debut in Vietnam in collaboration with local distributor Runway Vietnam.

    The brand’s collection, which includes Abbraccio, Calla, and Eclisse, will be available at the Runway Rex Hotel in Ho Chi Minh City.

    Vhernier, founded in Milan in 1984, specialises in hand-sculpted, design-driven jewellery. Richemont acquired the brand entirely in a private transaction in May.

    Vhernier currently has physical operations in Dubai, New York, and Paris. The brand’s products are also available via authorised dealers worldwide.

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  • Vietnam extends trial program for local casino players

    Vietnam extends trial program for local casino players

    A trial program which allows Vietnamese to play at a casino on the southern island of Phu Quoc has been extended until the end of the year, according to a recent government decree.

    Corona Casino began operation in 2019 in a trial program that allows locals to gamble. The trial ended in 2022 but was extended to the beginning of this year and has now been extended one more time.

    Of the country’s nine casinos, Corona remains the only one where Vietnamese can play if they meet income requirements. Other casinos only serve foreigners.

    The government has also approved for Van Don Casino, which has been earmarked in the China-bordering province of Quang Ninh, to begin the same trial program for three years after it receives operation permit.

    Casino development in Vietnam is considered a special business which requires a location approval from the Vietnam Communist Party’s Politburo and a policy approval from the Prime Minister.

    A developer needs to disburse at least 50% of projected capital on a casino project before commercial operation can begin.

    A Vietnamese player needs to be 21 years of age or older with a minimum income of VND10 million (US$395) a month.

    Corona Casino posted VND6.4 trillion in revenue between 2019 and 2023, with a third of it recorded in 2023 alone, according to the Ministry of Finance.

    It posted an accumulated loss of VND3.7 trillion by the end of last year.

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  • Gold rises as markets gird for US election outcome

    Gold rises as markets gird for US election outcome

    Gold prices edged up on Tuesday as investors braced for political tensions after opinion polls showed Donald Trump and Kamala Harris are neck and neck in the U.S. presidential election.

    Spot gold gained 0.2% to $2,740.96 an ounce by 01:54 p.m. U.S. gold futures settled 0.1% higher at $2,749.70.

    Gold is supported by “the uncertainty of the elections. Part of it is what happens if things don’t go so smooth, part of it is the possibility of tariffs, some kind of economic changes,” said Daniel Pavilonis, senior market strategist at RJO Futures.

    With a dead heat between Republican former President Trump and Democratic Vice President Harris and control of the U.S. Congress also at stake, investors are particularly nervy about an unclear or contested result, especially if it fuels unrest.

    “Should the election result be uncertain for days or even weeks, gold would benefit from the resulting uncertainty,” Commerzbank said in a note.

    Trump has repeatedly said any defeat could only stem from widespread fraud, echoing his false claims from 2020. The winner may not be known for days if the margins in key states are as slim as expected.

    Gold should ultimately reach $2,800 “once the dust settles” after the election, Exinity Group Chief Market Analyst Han Tan said.

    Elsewhere, markets widely anticipate a quarter-point cut from the Federal Reserve on Thursday, a further reduction to U.S. interest rates this year after a big cut in September.

    Bullion is traditionally seen as a hedge against economic and political uncertainty, and tends to thrive when interest rates are low. This has helped the metal rise nearly 33% so far this year.

    Spot silver rose 0.4% to $32.59 an ounce, platinum added 1.5% to $998.35 and palladium was down 0.2% at $1,072.50.

    A private sector survey in top metals consumer China showed services activity expanded at its fastest pace in three months in October.

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  • Gold falls after 2 weeks unchanged

    Gold falls after 2 weeks unchanged

    The Vietnam gold bar price dropped 0.62% to VND80.5 million ($3,251.87) per tael Thursday afternoon, while bullion stayed mostly flat globally.

    Price has remained unchanged at VND81 million since Aug. 20.

    Gold ring price went up 0.06% to VND78.55 million per tael.

    Globally old was little changed on Thursday as investors kept to the sidelines ahead of U.S. payrolls data that could provide more clues on the size of an expected rate cut this month.

    Spot gold steadied at $2,494.73 per ounce. U.S. gold futures lost 0.1% to $2,524.90.

    Non-yielding bullion tends to perform well when interest rates are low. It is also considered a hedge against economic and political uncertainties.

    “The highs for gold in 2024 may not yet have been reached, with the $2,600 level a viable target before year-end, if the Fed delivers the goods with a succession of quick-fire rate cuts before year-end,” said Tim Waterer, chief market analyst, KCM Trade.

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  • Gold price inches down

    Gold price inches down

    Saigon Jewelry Company gold ring price fell 0.19% to VND77.3 million (US$3,070.81) per tael Wednesday morning.

    Gold bar price was steady at VND79 million per tael. A tael equals 37.5 grams or 1.2 ounces.

    Globally, gold prices edged lower on Wednesday as the U.S. dollar and Treasury yields strengthened, while traders awaited further cues to gauge the size of the Federal Reserve’s likely September interest rate cut.

    Spot gold slipped 0.2% to $2,385.60 per ounce. U.S. gold futures fell 0.3% to $2,425.30.

    “A rebound in U.S. Treasury yields and a firmer dollar translate to some downward pressures on gold prices this morning, as pockets of resilience in U.S. economic data seem to prompt a reassessment of market recession concerns,” said IG market strategist Yeap Jun Rong.

    Downside in gold may be limited by ongoing Middle East tensions and lingering global recession concerns, as markets await further economic data for clarity on U.S. conditions, Yeap added.

    The dollar index rose, making the greenback-priced bullion less affordable for overseas buyers.

  • Gold prices rise as global rates hit 2-week high

    Gold prices rise as global rates hit 2-week high

    Saigon Jewelry Company gold price rose 1.01% to VND79.8 million ($3,166.35) per tael Thursday morning.

    Gold ring price went up 0.45% to VND77.65 million.

    Globally gold prices climbed to a two-week high on Thursday as U.S. Federal Reserve Chair Jerome Powell opened the door to cutting interest rates as early as September.

    Spot gold was steady at $2,448.38 per ounce, after hitting its highest level since July 18 earlier in the session. Prices were just about $35 shy of the record high of $2483.60 scaled on July 17.

    U.S. gold futures firmed 0.8% to $2,492.50.

    “Gold bulls couldn’t resist the urge to buy more gold after the Fed effectively signalled the beginning of its rate-cut cycle. But gold bugs may want to warrant some caution above $2,500, given gold’s reluctance to hold on to gains around these levels,” City Index senior analyst Matt Simpson said.

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  • Gold ring price inches up

    Gold ring price inches up

    Saigon Jewelry Company gold ring price rose 0.07% to VND75.95 million (US$2,987.21) per tael Wednesday morning.

    Gold bar price was stable at VND76.98 million per tael. A tael equals 37.5 grams or 1.2 ounces

    Gold price was at $2,367.43 per ounce at the time of publishing.

    The growing speculation that the US Federal Reserve (Fed) is likely to start cutting rates as early as September continues to support the non-yielding metal. Furthermore, political uncertainties within Europe and globally might boost Gold price, a traditional safe-haven asset.

    On the other hand, the pause of China’s central bank Gold purchases for a second consecutive month might prompt traders to reduce bullish bets in the yellow metal as China is the world’s largest gold consumer.