At noon, Bao Tin Minh Chau Jewelry listed gold rings at VND93.4 million/tael (buying) and VND95 million/tael (selling), up VND300,000/tael from morning transactions.
Similarly, Phu Quy Jewelry listed gold rings at VND93.3 million/tael (buying) and VND94.9 million/tael (selling), up VND400,000/tael.
Meanwhile, SJC gold bars also increased by VND200,000 VND/tael, with buying at VND92.9 million/tael and selling at 94.4 million/tael.
The sharp surge attracted a large number of customers to gold and gemstone shops in Hanoi and Ho Chi Minh City. Some stores limited the amount of gold jewelry each customer can buy to ensure fair distribution.
At the same time as the domestic gold prices rallied, global gold prices soared to around US$2,935 per ounce, marking a US$20 increase compared to the same time on March 12.
According to Kitco News, Ross Norman, CEO of Metals Daily, noted that gold prices continue to rise despite the absence of many traditional driving factors.
Ross Norman highlighted the historical inverse correlation between gold and the US dollar -typically, when the dollar strengthens, gold prices fall. However, in 2024, both the dollar and gold rose together, which is an unusual and historically rare phenomenon.
Similarly, gold also traditionally moves inversely to US bond yields - when yields rise, investors tend to prefer bonds over gold. But in 2024, both gold prices and bond yields increased simultaneously, indicating that traditional correlations are being ignored by the market.
He forecast that gold prices could continue to rise significantly in the near future.
