On Friday afternoon, the price for one tael at Vietnam's biggest gold firm Sai Gon Jewellery Company (SJC) gold was sold at about 45.68 million VND (1,970.2 USD), an increase of VNĐ630,000 from yesterday.— Photo thanhnien.vn
Hanoi (VNS/VNA) - The domestic gold price soared on February 21 whileglobal prices hit a seven-year peak amid the ongoing novel coronavirusoutbreak.
On February 21 afternoon, the price for one tael at Vietnam's biggest gold firmSai Gon Jewellery Company (SJC) gold was sold at about 45.68 million VND (1,970.2USD), an increase of 630,000 VND from the previous day.
Similar increases were also recorded at large gold firms Bao Tin Minh Chau andDoji.
Compared to the beginning of the week, prices for each tael of gold haveincreased more than 1 million VND.
On the global gold exchange Kitco, the precious metal gained nearly 3 percentwithin the week to reach 1,633.7 USD per ounce (1,968 USD per tael) on the sameday.
According to Reuters, gold prices hit their highest level for seven years andalso had their best week in more than six months as demand for the safe-havenasset increased after a spike in coronavirus cases.
In the local market, Bao Tin Minh Chau Gold Firm in Hanoi recorded more goldtransactions on February 21 with 55 percent of buyers and 45 percent of sellers.The firm said on its website: “It is a good time for investors to trade gold tomake a profit.”
However, many gold traders on Ha Trung street, a well-known place that tradesgold and foreign currencies in the capital, did not see much difference in thenumber of customers buying gold.
An employee from Hong Phat gold shop on the street who wished to remainanonymous told Viet Nam News that “they (gold investors) changed a lot. Theyused to shop for gold whenever the prices were higher.”
“Our business declined much after Tet and also because of the epidemic. No onewants to buy anything,” she added.
The same day, one of the country's biggest gold and jewellery firms Phu Nhuan Jewelleryreported a reduction of 32 percent in revenue in January compared to last year.
A press release from the firm blamed the decline on higher gold prices and thecoronavirus./.
Hanoi’s consumer price index (CPI) in April rose 0.24 percent from the previous month and 4.35 percent against the same time last year, reported the city Statistics Office.
The consumer price index (CPI) between January and May increased by 2.74 percent from the same period last year – the slowest five-month pace over the last three years, according to the General Statistics Office (GSO).
With ultra-loose monetary policy worldwide, nominal interest rates of 95 central banks have been cut 38 percentage points from the outset of the year, and gold has become the most profitable channel.
The domestic gold price saw its strongest growth in three months in the week of December 23-29 after beating the milestone of 42 million VND (1,817.40 USD) per tael.
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On Friday afternoon, the price for one tael at Vietnam's biggest gold firm Sai Gon Jewellery Company (SJC) gold was sold at about 45.68 million VND (1,970.2 USD), an increase of VNĐ630,000 from yesterday.— Photo thanhnien.vn 
