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Tag: gold

  • Gold prices dip further after two-month low

    Gold prices dip further after two-month low

    Vietnam gold prices continued to fall Wednesday after hitting a two-month low as the precious metal faces pressure from the surging U.S. dollar.

    Saigon Jewelry Company (SJC) sold its gold at VND64.5 million ($2,716) per tael in the morning, down 1.68% from Tuesday. VND million per tael (VND1 million = $42.11)SJC gold price

    Other companies also let prices slide down by roughly the same rate. Global gold price has gone down 0.31% this week to $1,625 per ounce as the USD Index has gone up nearly 0.4% in a single day.

    Also global gold price improved slightly Tuesday, “it was just a little bit of a recovery after some of the extreme weakness seen over recent days,” said Ryan McKay, commodity strategist at TD Securities.

    He said that the rebound did not show really fundamental change taking place in the gold market.

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  • Gold prices dip further after two-month low

    Gold prices dip further after two-month low

    Vietnam gold prices continued to fall Wednesday after hitting a two-month low as the precious metal faces pressure from the surging U.S. dollar.

    Saigon Jewelry Company (SJC) sold its gold at VND64.5 million ($2,716) per tael in the morning, down 1.68% from Tuesday.

    Other companies also let prices slide down by roughly the same rate.

    Global gold price has gone down 0.31% this week to $1,625 per ounce as the USD Index has gone up nearly 0.4% in a single day.

    Also global gold price improved Tuesday slightly, “it was just a little bit of a recovery after some of the extreme weakness seen over recent days,” said Ryan McKay, commodity strategist at TD Securities.

    He said that the rebound did not show really fundamental change taking place in the gold market.

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  • Gold prices fall to one-month low

    Gold prices fall to one-month low

    Prices of gold bars branded SJC on Monday dropped VND250,000 ($10.67) to VND66.55 million per tael, the lowest in a month.

    Prices of gold bars of other brands like DOJI and Phu Quy dropped further, by VND300,000-350,000.

    Selling prices of gold rings also decreased VND200,000 to VND51.2 million per tael.

    Prices of gold bars have declined for three straight trading sessions to the lowest over the past month. SJC gold prices are higher than the world average by some VND17.7 million per tael.

    In the world market, gold dropped for a second day after Federal Reserve Chair Jerome Powell pushed back against hopes the U.S. central bank would start easing monetary policy soon, signaling instead that interest rates would keep rising and remain elevated to stamp out inflation.

    Spot gold fell as much as 1% to $1,720.45 an ounce, the lowest level since July 27, and traded at $1,723.70 as of 10:21 a.m. in London, according to Bloomberg.

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  • Gold producer SJC eyes 7% rise in profits

    Gold producer SJC eyes 7% rise in profits

    State-owned Saigon Jewelry Company targets pre-tax profits of VND60 billion ($2.6 million) on revenues of VND18.8 trillion this year, up 7% and 6% from last year.

    Its targeted net profit margin is only 0.25%, much lower than the 5.11% for competitor Phu Nhuan Jewelry.

    This year the government tasked SJC with privatizing and expanding into neighboring countries, but in July director Le Thuy Hang said the only focus currently is on achieving the sales and profit targets to be able to pay salaries.

    Since 2012 SJC has been the sole gold bullion producer in Vietnam and its gold production is being closely monitored, Hang added.

    Last year its profits fell 25% to VND17.7 trillion, the lowest since 2015, as the Covid-19 pandemic hindered forced it to close several stores.

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  • Gold plummets to 8-month low

    Gold plummets to 8-month low

    SJC’s gold price plunged by 3.1 percent to VND62.5 million (US$2,667.18) per tael Tuesday, the lowest in eight months, after recording a historic decrease Monday.

    The drop was the second biggest single-day decline for the safe haven metal after the 6 percent fall Monday.

    A tael equals 37.5 grams or 1.2 ounces.

    Global gold prices fell to their lowest in 11 months last week as the U.S. dollar has been gaining this year amid concerns of inflation and geopolitical tensions.

    But they rose by 1.1 percent Monday to $1,708.18 per ounce.

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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 hit 4-month low

    Vietnam gold prices hit 4-month low

    Gold prices in Vietnam have plunged to a four-month low as global rates tumbled amid the surge of the U.S. dollar.

    The Saigon Jewelry Company (SJC) sold its gold at VND67.95 million ($2,897.03) per tael Friday afternoon, down 0.37 percent from Thursday. A tael equals 37.5 grams or 1.2 ounces.

    Owner of a jewelry store in Ho Chi Minh City’s District 8, who asked not be identified, said that there has been little demand in recent days.

    “Only a few customers show up each day. There are less buyers than sellers as global rates drop.”

    Global gold price now stands at $1,704 per ounce, lowest since April 2021, as analysts said that investors are more interested in the gaining USD which is now at the highest in two decades.

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  • Luk Fook to add 500 stores this year and expand online

    Luk Fook to add 500 stores this year and expand online

    Hong Kong jeweler Luk Fook’s revenue and profit rose by around 30% to 40% for the full fiscal year that ended March 31, the company estimated.

    A low base of comparison with the previous year — which saw pandemic-related restrictions — is responsible for the increase during the period, Luk Fook said last week. In fiscal 2021, business in China was weak, and Hong Kong and Macau were on lockdown.

    The company’s expansion in mainland China, strong sales of gold products, and the easing of restrictions in Hong Kong and Macau also buoyed sales, it explained.

    The retailer saw an “encouraging recovery of retail atmosphere in the first three quarters of the year,” it noted.

    Reports from other Hong Kong-based jewelers indicated that the fourth quarter of fiscal 2022 and the start of the 2023 financial year had been challenging. Tse Sui Luen said sales had plunged sharply during the period amid the fifth wave of the pandemic, while Chow Tai Fook reported a 13% drop in the first two months of the current fiscal year.

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  • Gold down to 5-week low

    Gold down to 5-week low

    Gold prices fell to their lowest in five weeks Monday afternoon as they tracked a global fall.

    Saigon Jewelry Company (SJC) sold bullion at VND69.25 million per tael Monday, down 0.39 percent from Sunday. A tael equals 37.5 grams or 1.2 ounces.

    DOJI sold at VND68.9 million, down 1.01 percent.

    It meant prices had fallen by 6.76 percent, or VND5.2 million a tael, since scaling a historic peak in March. Global spot gold dropped by 1 percent to $1,793.12 per ounce Monday afternoon, but then bounced back to above $1,825 by Tuesday morning.

    Gold prices in Vietnam are 27 percent higher than global rates. Tran Minh Toi, a gold seller in HCMC’s District 8, said prices fell on higher U.S. dollar and bond yields.

    It is unlikely that prices will return to the previous peak of VND74.4 million in the medium term unless the conflict in Ukraine escalates, he said.

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  • Gold consumption up

    Gold consumption up

    Vietnam’s gold consumption rose 6 percent year-on-year in the first quarter as inflation concerns pushed people to invest in safer assets. Gold consumption hit 19.6 tonnes, compared to 18.6 tonnes in the same quarter last year, according to the World Gold Council (WGC).

    Demand for gold bars and coins rose 4 percent to 14 tonnes in the period, while demand for jewelry rose 10 percent to 5.6 tonnes.

    Andrew Naylor, head of ASEAN and Public Policy at the World Gold Council, said rising demand for gold in Vietnam happened as the dong weakened and inflation rose.

    The nation’s economic recovery also helped demand to rise, especially during Tet, the Lunar New Year holiday, Valentine’s Day and the God of Wealth Day in February.

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

    Geopolitical tensions sent global gold prices surged to $2,070 per ounce, near an all-time high, in March.

    Louise Street, senior analyst at the World Gold Council, said that the first quarter of 2022 has been a turbulent one, marked by geopolitical crises, supply chain difficulties and surging inflation.

    “These global events and market conditions have solidified gold’s status as a safe haven holding, not just for investors but also for retail consumers, thanks to its unique position as a dual-natured asset class.”

  • Gold giant SJC sees sales slump to seven-year low

    Gold giant SJC sees sales slump to seven-year low

    The State-owned Saigon Jewelry Company has reported revenues of VND17.7 trillion ($770.3) in 2021, down 25 percent year-on-year to its lowest since 2014.

    It has attributed the decrease to Covid-19 restrictions and lockdowns last year, which brought sales from VND13 trillion in the first half down to just VND4.7 trillion in the third and fourth quarter, well below its target of VND23.5 trillion.

    The company posted pre-tax profits of VND56 billion last year, down 42.6 percent, and return on equity of 2.8 percent, short of the targeted 5 percent.

    At the end of 2021, the value of its total assets was VND1.7 trillion, 70 percent of it in inventory.

    Established in 1988, SJC is a wholly state-owned enterprise based in Ho Chi Minh City. It has been the sole producer of gold bullion in the country since 2012, and has around 90 percent of the bullion market.

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  • Vietnam gold prices keep rising

    Vietnam gold prices keep rising

    Gold prices scaled another new peak in Vietnam Monday morning as global rates climbed amid the continuing Russia-Ukraine crisis.

    Saigon Jewelry Company sold bullion at VND72.87 million per tael of 37.5 grams or 1.2 ounces, up 5.15 percent from Saturday.

    DOJI sold at VND71 million, and PNJ at VND71.1 million, all new highs.

    Some sellers expected prices to keep rising as long as the conflict continued.

    “Some people are holding on to gold and waiting for prices to rise even further,” Tran Minh To, a spokesperson for a jewelry store in HCMC’s District 8, said.

    Globally spot gold gained 1.5 percent to $1,998.37 per ounce Monday morning as the fighting entered its 11th day with both sides calling on the other to lay down arms.

    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 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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  • Gold prices soar to new peak

    Gold prices soar to new peak

    Vietnamese gold prices hit a new all-time high of VND64.8 million (US$2,838.4) per tael Thursday as global rates skyrocketed amid tensions over the Ukraine situation.

    Saigon Jewelry Company sold gold at VND64.8 million per tael of 37.5 grams or 1.2 ounces, up 1.4 percent from Wednesday afternoon.

    DOJI sold at VND64.7 million, also up 1.4 percent. The previous high in Vietnam was VND62.4 million in August 2020.

    In the global market, the metal rose by 1.7 percent to a nine-month high of $1,930.65 per ounce as geopolitical tensions supported demand for safe-haven bullion.

    Vietnamese prices are VND11.35 million, or 21.5 percent, higher than global rates.

    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.

  • 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.