HCMC - Domestic gold prices rose sharply on February 7, with SJC-branded gold selling prices soaring by VND2.8 million from the previous session to VND179.3 million per tael.

At 9 a.m., Saigon Jewelry Company (SJC), DOJI and Phu Quy quoted SJC-branded gold at VND176.3 million per tael for buying and VND179.3 million per tael for selling, an increase of VND2.8 million per tael compared with the February 6 close. The highest adjustment in the morning reached VND3 million per tael. Gold ring prices also saw mixed movements. Bao Tin Minh Chau quoted its buying price at VND176.3 million per tael and VND179.3 million per tael for selling price, up VND42.8 million per tael from the February 6 close, while Phu Quy's quotations were VND176 million for buying and VND179 million for selling, down VND3 million per tael from the previous session. On the global market, gold traded at around US$4,968 per ounce, equivalent to about VND156.4 million per tael when converted at Vietcombank’s exchange rate. The global price was about VND22.9 million per tael lower than domestic SJC prices. On the same morning, commercial banks lowered the U.S. dollar buying and selling rates on February 7, while the dollar eased slightly on the global market. Vietcombank cut its buying rate by VND30 to VND25,730–25,760 and reduced the selling rate by VND10 to VND26,140. ACB kept rates unchanged at VND25,750–25,780 for buying and VND26,140 for selling. Sacombank reduced buying rates by VND50 to VND25,732–25,790 and quoted selling rates at VND26,150–26,200.