Gold prices roar back

Domestic gold prices surged VND200,000 per tael to make another record at VND20.92 million a tael May 29 after slightly falling in three last trading sessions.

The price of the Saigon Jewelry Co.’s precious metal in Ho Chi Minh, Da Nang, Nha Trang, and Can Tho cities jumped to VND20.9 million a tael (1.2 ounces). In Ha Noi and northern provinces, gold fetched VND20,000 more. The company bought gold at VND20.82 million a tael.

Sacombank Jewelry Co. bought gold at VND20.72 million a tael, an increase of VND80,000, and sold gold at VND20.85 million a tael, up VND150,000.

Most gold trading floors fixed the opening price at VND20.6 million a tael. Investors continued buying gold, pushing gold prices slightly up.

The global gold price hiked sharply May 28, as the US’s economic indexes showed a better economic situation than expected.

Gold surged to US$964.7 an ounce, the highest since March 20. Investors expect gold to soon hit its record price this year at $1,000 an ounce, made in the end of February.

By Si Nhon, Tran Thanh – Translated by Thuy Doan

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