Domestic gold prices hit a six-month high mark by increasing nearly VND500,000 per tael to VND28.3 million on June 8.
Analysts attributed the jump to global gold price increases of US$30 per ounce to $1,247 per ounce the same day.
In Ho Chi Minh City, Saigon JewelleryCo (SJC) set the SJC gold buying price at VND28.16 million per tael and VND28.25 million per tael as the selling price, an increase of over VND500,000 per tael.
Sacombank – SBJ system quoted the SBJ gold buying price at VND28.28 million per tael and VND28.30 million per tael for selling.
In Hanoi, Phu Quy Co listed the SJC gold prices at VND28.22 million per tael and VND28.30 million, buying and selling prices respectively.
Domestic prices are currently about VND300,000 per tael lower than global prices, prompting a number of enterprises to cash in on the opportunity by exporting gold.
Droves of people flocked to sell gold throughout the day, prompting trading volumes to surge.
At the SJC, nearly 5,000 taels were traded, 3,000 taels of which were purchased, a five-fold increase compared to average daily sales last month.
According to experts from Sacombank Jewellery Company, the sharp gold price hike is due to unstable global financial markets and international stock market dips. They also said the euro had become weaker against the dollar due to the debt problems in European countries and fears Hungary could be facing a Greek-style crisis.