Gold jewelry on display at a shop in Ho Chi Minh City. Photo by VnExpress/Thanh Tung
The price of Saigon Jewelry Company gold bars rose to nearly VND81 million ($3,266) per tael in the last trading session of the first quarter (March 30), up 8% from the outset of the quarter.
On March 30, SJC gold bars were sold for VND80.82 million per tael, compared to over VND75 million per tael at the beginning of the year. A tael equals 37.5 grams or 1.2 ounces.
In March alone, the gold price rose by 1.25%, peaking at VND82.5 million per tael in the period from March 10-12.
The global gold prices rallied 9% in March, driven by expectations of interest rate cuts by the U.S. Federal Reserve this year and high demand on safe assets.
According to Deputy Governor of the State Bank of Vietnam Pham Thanh Ha, despite the complex price fluctuation, the gold market remained stable, causing no pressure on the official foreign exchange market.
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