Local gold prices keep up with global rise
Domestic gold prices have seen a steady increase since the beginning of this week.
This is in line with the robust growth of global gold prices over worries about the trade war between China and the United States.
At 2pm on Wednesday, Sai Gon Jewellery Joint Stock Company (SJC) quoted the buying and selling prices of its gold in HCM City at VND36.75 million (US$1,608) and VND36.93 million per tael, respectively, an increase of some VND130,000-150,000 per tael compared to last Friday.
One tael is equivalent to 1.2 ounces.
This is the third consecutive increase in gold prices this week.
At the same time, Ha Noi-based Bao Tin Minh Chau Jewellery JSC increased its buying and selling prices to VND36.82 million and VND36.88 million per tael, respectively, up by VND180,000 per tael against last week.
DOJI Group bought SJC gold at VND36.82 million per tael and sold it at VND36.90 million per tael, a rise of VND190,000 per tael over last Friday.
Global gold prices have risen quickly as the US dollar continues to fall.
Gold spot is being traded at over $1,344 per ounce on Wednesday in the global market, up by some $10 per ounce against last Friday.
International experts predict that gold prices could hit $1,400 per ounce. Investors, meanwhile, are paying close attention to the trade spat between the two largest economies, which has boosted the precious metal’s appeal.
On the other hand, problems in Russia, Syria and Iran have also made investors anxious, driving up gold prices.