HA NOI: SJC’s gold price experienced a sudden rise of VNĐ170,000 (US$7.6) per tael (1.02 ounces) compared with the previous session, pushing the selling price to VNĐ36.07 million ($1,613) per tael. This price was recorded at 10am on November 2, 2016. Bảo Tín Minh Châu’s gold selling price rose by VNĐ160,000 ($7.12) per tael, increasing the current price to VNĐ35.99 million ($1,609) per tael.
The amount of gold exchanged has been increasing since the afternoon of November 1, with both state-owned Sai Gon Jewellery Joint Stock Company (SJC) and Bao Tin Minh Chau Gold and Jewellery Company (BTMC) reporting a rise in their selling price for gold. The number of arbitragers increased significantly, with 70 per cent of all exchanges being buys and 30 per cent being sells on the morning of November 2.
Gold price is expected to keep rising in the short term. This is the peak for the price of gold within one month, as the US dollar experiences a drop in value in lieu of the current election. In the world market, exchange price for gold in Asia is also on the rise, with an increase $4 per ounce from the last session, currently at $1,291 per ounce. The current currency exchange rate is in accordance with Vietcombank’s rate of VNĐ22,355 per $1.
