The Vietnamese buy the most gold in Southeast Asia

Vietnamese people still buy the most in Southeast Asia. Illustrations

The world gold price has decreased continuously since mid-April until now, currently trading around $1,875/ounce, 5.3% lower than 3 weeks ago. This is also the lowest price that the world precious metal has recorded since mid-February until now.

In the latest trading session, the price of physical gold on the New York Stock Exchange continued to drop to 1,898.4 USD/ounce, converted at the listed exchange rate at the bank, equivalent to 52.85 million VND/tael.

Contrary to the world market, the domestic gold price has recorded an upward trend in recent years, currently surpassing the 70 million dong/tael mark.

Specifically, Saigon Jewelry Company Limited (SJC) currently lists the price of gold bars at 69.55 – 70.25 million VND/tael (buy in – sell out). Although it has decreased by 350,000 VND compared to the highest level of the session 5/5, but compared to the beginning of the week, the price of gold bars at SJC still increased by approximately half a million dong per tael.

Compared to the world gold price converted, the price of SJC gold bar is 17.45 million dong/tael higher. Illustrations

Similarly, Phu Nhuan Jewelry Joint Stock Company (PNJ) currently lists the selling price of gold bars at 70.3 million VND/tael, an increase of 100,000 VND compared to 5/5 and 500,000 VND higher than the beginning of the week.

Sharing the same downward trend in price compared to the previous session, DOJI Jewelry Group still maintains the price of gold bars above 70 million dong/tael.

On May 6, most large gold enterprises such as Bao Tin Minh Chau Co., Ltd., Phu Quy Group, Vang Mi Hong… all accepted to sell gold bars at over 70 million dong/tael, increasing by 2-3 together. % compared to the beginning of April.

Thus, compared to the world gold price, the price of SJC gold bars is 17.45 million VND/tael higher.

Meanwhile, in Vietnam, along with the recovery of global gold demand, consumer demand for gold increased from 18.6 tons in the fourth quarter of 2021 to 19.6 tons in the first quarter of 2022. 6% over the same period last year.

This is the first report of the World Gold Council (WGC) on individual gold investment in Vietnam, which was announced at the Executive Committee meeting of the Vietnam Gold Traders Association that just took place.

Accordingly, in Vietnam, 81% of those who have bought gold in the past are considering buying more gold. Meanwhile, the global average is only 45%.

Mr. Andrew Naylor, Director of ASEAN WGC, said that Vietnam plays an important role in the global gold market, which is the largest gold market in Southeast Asia and in the top 10 in the world. . In 2019, consumer demand in Vietnam for gold was about 56.4 tons, ranking first in Southeast Asia.

The reason given is that rising inflation and the weakening of the dong in Vietnam have increased the attractiveness of gold as demonstrated by high domestic premiums. Local festivals including Lunar New Year in February, Valentine’s Day and God of Fortune’s Day have supported a year-over-year increase in jewelry demand, along with a recovery in business activity to previous levels. Covid-19.

Photo: Collectibles