Gold jumps to two-month high

Domestic gold price surged VND50,000 a tael (1.2 ounces) to VND21.25 million on August 4 with the global price climbing to a two-month high, as the US dollar sank to its  lowest level this year.

Most jewelers bought gold at VND21.20 million ($1,190.08) and sold at VND21.25 million ($1,192.88).

On the SBJ trading floor, trading volume remained high with nearly 300,000 taels changing hands at VND20.52-20.66 million.

Internationally, gold rose to a two-month high as the dollar dropped, prompting investors to seek the metal as an alternative asset.

In New York, spot gold gained $2, 0.2 percent, to $957.5 an ounce, the highest level in the last two months.

Since bullion slightly rose while the dollar sharply fell, analysts said that the metal has currently faced many drawbacks.

Compiled by Thuy Doan

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