Gold coins for sale in a shop in Hanoi in March 2025. Photo by VnExpress/Giang Huy
Vietnam gold prices rose Saturday morning despite a general drop in Asia amid subdued jewelry demand.
Saigon Jewelry Company gold bar went up 1.12% to VND180 million (US$6,931.10) per tael. A tael equals 37.5 grams or 1.2 ounces.
Gold ring increased by 0.56% to VND180.5 million per tael. Gold prices in Vietnam have risen by 18% so far this year.
In Asia, gold traded lower late Friday. Gold started trading at discounts in India this week for the first time in nearly a month as volatile prices deterred buying, while demand was robust in China ahead of the Lunar New Year holiday, Reuters reported.
Indian bullion dealers this week offered a discount of up to $12 per ounce over official domestic gold prices – inclusive of 6% import and 3% sales levies, down from last week’s premium of up to $70.
“Jewelry demand has not recovered despite jewelers offering discounts on making charges. Retail buyers are not comfortable making purchases at current price levels,” said a Hyderabad-based jeweler.
In China, bullion traded at a discount of $8 to premiums of up to $10 an ounce above the global benchmark spot price this week, ahead of the nine-day Lunar New Year holiday starting on Feb. 15.
