The Saigon Jewelry Company (SJC) sold bullion at VND60.75 million ($2,682.23) per tael Saturday morning, up 0.75 percent from Friday. A tael equals 37.5 grams or 1.2 ounces.

Illustrative image.

This made them around VND10 million or 19.7 percent higher than global prices.

A spokesperson for SJC told that the gap is widening because Vietnamese prices are becoming less dependent on global rates and relying increasingly on domestic supply and demand.

Global rates have risen by 5.26 percent to $1,864.74 per ounce since Nov. 4, bolstered by deepening fears of inflation and reassurances from major central banks that interest rates would remain low for the time being.

Traders are taking profits after an incredible run, Phillip Streible, chief market strategist at Blue Line Futures in Chicago, told Reuters.

Societe Generale analysts forecast gold prices to average $1,950 an ounce in the first quarter of 2022, given the "renewed commitment from the Federal Reserve to support the economy while letting inflation printing higher".

Gold consumption in the third quarter fell by half year-on-year to 3.3 tons as jewelry stores closed due to Covid-19 restrictions, according to a report by the World Gold Council.

Vietnam persists with pandemic countermeasures, maintains macro-economy

Prime Minister Pham Minh Chinh on October 13 chaired a webinar discussing measures to boost post-pandemic economic recovery, flexibly adapt to the Covid-19 pandemic, overcome economic disruption and strengthen locality-to-locality connectivity.

Bac Giang develops craft villages as driving force for local economy

(BGO) – For recent years, Bac Giang province has many supporting policies for the development of rural craft villages to create jobs, increase income and switch labour structure according to new rural style building criteria, which significantly contribute to the provincial economic, cultural and social development.  

Foreign investors maintain confidence in Vietnam’s economy

Vietnam attracted US$ 14 billion in foreign direct investment (FDI) in the first eight months of this year, only 2% lower than the same period last year, showing foreign investors’ confidence in Vietnam’s economic scenario in mid-and long terms.

Firms want HCMC to reopen economy soon

Businesses want HCMC to reopen its economy soon to ensure their survival after over three months of social distancing amid prolonged Covid-19 outbreaks.

Source: VnExpress