Domestic gold prices rise to two-month high

Domestic gold prices saw their strongest increase in the last two months, going up 170,000 VND per tael to around 35.63 million VND.

One tael is equivalent to 1.2 ounces.

The increase has come on the back of an improvement in global prices.

Traders said gold's ability to hold above key technical support at 1,275 USD an ounce set the stage for reversing initial heavy losses that followed data showing US job growth had increased in April at its fastest pace in more than two years.

Back home, the DOJI's (Gold and Gems Group) SJC gold gained 150,000 VND per tael to end at 35.53-35.63 million VND (1,691-1,696 USD).

Since the beginning of this year, local prices have hovered around 35 million VND per tael.

Bao Tin Minh Chau's SJC gold also rose to finish at 35.54-35.63 VND per tael. Gold experts predict that prices will go down this week.

With world prices around 33.12 million VND per tael, domestic gold prices are more than 2.5 million VND per tael higher.

Meanwhile, commercial banks maintained the exchange value of the dollar at 21,065-21,105 VND late last week.

Source: Vietnamplus

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