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Local gold prices slightly up due to suspended imports
Domestic gold prices increased slightly on September 4, rising by 50,000 VND to about 17.1 million VND per tael.
Experts blamed this increase on high local demand and limited supply due to the temporary suspension of the import of the precious metal.
Sai Gon Jewellery Co (SJC) listed prices at 17.05-17.12 million VND (1,030-1,034 USD) per tael in Hanoi and HCM City on September 4, rising from the previous day’s price of 16.97-17.06 million VND per tael.
Meanwhile, the Hanoi-based Bao Tin Minh Chau Jewellery Co (BTMC) listed prices at 16.95-17.1 million VND per tael.
Phu Nhuan Jewellery Co (PNJ) listed selling/buying prices for PNJ-DAB brand gold at 17.00-17.08 million VND per tael, against September 3’s price of 16.95 million VND per tael.
Local prices were 2 million VND per tael lower than prices six weeks ago.
This month marks the beginning of the festival season when gold demand usually increases and the volume of gold domestically circulated will depend, almost entirely, on the supply from overseas. However, gold imports have been restricted for the last two months.
The tax-hike on imported gold, from 0.5 percent to 1 percent per tael, is also to blame for the high local gold prices.
The rise in local gold prices on September 4 was in contrast to the current downward trend in global gold prices.
VNA
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