A person arranges gold jewelry at a shop in Ho Chi Minh City. Photo by Read/Quynh Tran
Vietnam gold prices rose Saturday morning, recovering from plunges earlier this week.
Saigon Jewelry Company gold bar went up 0.7% to VND172.8 million (US$6,560.99) per tael. A tael equals 37.5 grams or 1.2 ounces.
Gold ring added 0.7% to VND172.6 million per tael. Gold prices in Vietnam have risen 13% so far this year.
Across Asia, gold demand in India saw a slight uptick this week as softer bullion prices attracted some buyers, though many remained cautious and held off for further price drop, while premiums in China narrowed as physical demand slowed, Reuters reported.
Bullion dealers in India offered discounts of up to $61 per ounce over official domestic gold prices this week, down from as much as $75 last week. These prices include 6% import duty and 3% sales tax. Spot gold experienced volatile trading, flitting between $4,100 and $4,600 per ounce.
In Singapore, gold was sold at prices ranging from a discount of $0.50 to premiums of $3.50 an ounce.
Singapore set out plans on Friday to turn the city state into a gold trading hub for the whole of Asia, with regulators and industry players working together to strengthen the market’s trading, clearing and storage infrastructure.
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