Gold hits VND39.75 million per tael

Along with global rising momentum, the price of gold in Vietnam soared by nearly VND1 million per tael (1.2 ounces) on June 25, quickly surpassing VND39 million per tael.
The bullion even approached to near the VND40 million-per-tael mark at around 3 p.m. then slightly declined. In the past ten years, domestic gold price had recorded the appearance of the VND40-million-per-tael mark for two times – in June 2013 and in July 2011.

At 5 p.m. on the same day, Saigon Jewelry Company bought the precious metal at VND39.1 million (US$1,676.68) per tael and sold at VND39.42 million ($1,690.4) per tael, an increase of VND500,000 per tael in buying price and VND550,000 per tael in selling price. At the same time in Hanoi, Doji Group purchased gold at VND39.25 million ($1,683.87) per tael and sold at VND39.75 million ($1,705.32) per tael, up VND600,000 per tael in buying price and VND800,000 per tael in selling price.

Since the end of May, gold has escalated by more than VND3 million per tael.

On global market, gold for immediate delivery gained $10.3 an ounce over the closing price the previous day in New York to stand at $1,430.5 an ounce at 4 p.m. Vietnamese time. Global bullion price was around VND300,000 per tael higher than domestic one.

Since the beginning of June, global gold price has risen by 10 percent. The yellow metal was heading to complete a sixth consecutive winning trading session. International experts said that investors bought gold heavily due to the possibility that the US Federal Reserve would lower interest rate and tensions in the Middle East strongly increased.

By Nhung Nguyen- Translated by Thuy Doan

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