SJC gold on Tuesday rose to VND50.three million ($2,170) per tael to surge previous the earlier report of VND49.5 million ($2,137) in 2011, when international costs soared to historic highs.
Gold costs held regular close to an eight-year excessive on Tuesday as buyers weighed a spike in Covid-19 instances all over the world towards a survey displaying a rebound in U.S. providers business exercise and expectations of a revival in China’s financial system, in line with Reuters.
Spot gold was nearly unchanged at $1,784.06 per ounce by 0453 GMT, simply $4.90 shy of a close to eight-year excessive hit final week.
Phan Dung Khanh, head of funding advisory at Maybank Kim Eng Vietnam, mentioned falling deposit rates of interest are growing demand for gold.
The 4 state-owned lenders, Vietcombank, BIDV, Vietinbank, and Agribank, just lately lowered their charges on 12-month deposits from 6.5 to six %. Personal banks have reduce them by 0.4-0.eight share factors.
Consultants additionally pointed to the falling inventory market, which has misplaced practically 11 % this 12 months, for turning gold right into a secure haven.
Tran Thanh Hai, chairman of the Vietnam Gold Funding and Buying and selling Company, forecast gold costs to stay risky for the following three months and begin falling on the finish of October earlier than the U.S. presidential elections.
Different analysts anticipated costs to rise additional as a result of uncertainties attributable to the pandemic and geopolitical tensions.
Goldman Sachs final month forecast that gold worth may attain $1,800 in three months and $2,000 in a 12 months.
“Gold funding demand tends to develop into the early stage of the financial restoration, pushed by continued debasement issues and decrease actual charges,” it mentioned in a be aware.
Vietnam’s gold bar and coin demand within the first quarter fell eight % year-on-year to 12.three tonnes, in line with the World Gold Council.
