Gold surpasses VND50 million per tael

SGGP
The price of gold in Vietnam escalated for six consecutive trading sessions on July 7, sending the metal to an all-time high after many gold trading companies listed their prices at above VND50 million per tael (1.2 ounces).
The precious metal sometimes hit VND50.3 million per tael but then slightly declined.

Saigon Jewelry Company bought gold at VND49.7 million per tael and sold at VND50.15 million per tael, an increase of VND80,000 per tael in buying rate and VND150,000 per tael in selling rate, at 4.15 p.m. in Ho Chi Minh City.

At the same time in Hanoi, Bao Tin Minh Chau Jewelry Company purchased gold at VND49.89 million per tael and sold at VND50.1 million per tael, up VND200,000 in buying rate and VND250,000 per tael in selling rate. Although the price of gold continuously soared, gold trading companies in HCMC said that the trading volume of gold remained unchanged.

In the global gold market, gold strengthened US$10.7 an ounce to close at $1,785.1 an ounce in New York. Spot gold was traded at $1,785.7 an ounce on the Kitco trading floor on July 7, an increase of nearly $12 an ounce compared to last weekend. After conversion, the global gold price was nearly VND200,000 per tael lower than the domestic gold price.

By Nhung Nguyen – Translated by Gia Bao

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