SJC gold bullion rose by VNĐ1 million per tael (US$39.56 per tael) from the previous session to VNĐ88 million for buyers and VNĐ90 million for sellers.
The combination of decreased interest rates and the perception of gold as a safe investment increased demand for gold jewellery, and overall market uncertainty further contributed to the rising domestic gold price.
Domestic gold prices are currently hovering at a low of VND35 million
per tael, in contrast with previous years when people used to flock to
jewellery stores ahead of Teat.
The State Bank of Viet Nam intends to keep up gold auctions to correct
imbalances in supply and demand in the domestic market, according to the
Head of the Foreign Exchange Department, Nguyen Quang Huy.