Vietnam Gold Prices Lag Behind Global Surge Amid Geopolitical Tensions
Global gold prices have surged in recent days, reaching $4,671 an ounce on international markets. According to Nguyen Tuan Anh of RMIT University Vietnam, this increase is due to geopolitical tensions and expectations of monetary easing.
The global price of gold has been equivalent to approximately VND148.2 million per tael, using Vietcombank's selling exchange rate. In contrast, SJC's buying and selling prices have been VND147-150 million per tael, with a difference of about VND1.8 million from the global price.
Anh notes that domestic gold prices falling below international prices is relatively rare, but can be explained by supply and demand as well as macroeconomic regulation. The authorities have taken measures to stabilize the gold market, including direct sales through state-owned banks and SJC.
According to Anh, attractive savings rates and cautious sentiment have led to decreased domestic buying, while global investment funds continue to allocate money to precious metals as a hedge against geopolitical risks.