Not beyond previous predictions, gold prices on the world market at 3:00 p.m. this afternoon (February 21) continued to increase strongly for only a short time.
In just 2 hours, according to Kitco data, gold prices on the world market increased rapidly to 7.2 USD, from 1,626.0 USD to 1,633.2 USD/ounce.
Thus, compared to the closing price of 1,619.2 USD/ounce yesterday, the world gold price this afternoon increased by 14 USD/ounce and equivalent to an increase of 0.86% after just a few hours.
This is a very rapid and strong increase in world gold prices because despite continuous strong increases, gold prices throughout February 18 only had a slight increase of more than 1%, bringing gold prices back to the threshold of 1,600 USD/ounce for the first time.
With the current price of 1,633.2 USD/ounce, the world gold price converted according to Vietcombank exchange rate on February 21 is equivalent to 45.9 million VND/tael, excluding import and processing costs.
Responding to fluctuations in the world market, domestic gold enterprises also increased the selling price of gold this afternoon to a common level of 45.65 - 45.75 million VND/tael.
Meanwhile, due to the lower buying price of enterprises and the common range of 44.95 - 45.25 million VND/tael, the gold buying and selling price gap is being widened to 400 - 600 thousand VND per tael.
At PNJ, the difference between the buying and selling prices of gold was even pushed to the common level of 600 - 800 thousand VND per tael.
extending the buying and selling distance is a measure commonly applied by domestic enterprises to guard against price risks when world gold prices are fluctuating or are forecast to have strong fluctuations.
For gold buyers, buying gold at a time when prices are high makes it very difficult to break even or make a profit when reselling gold.
