Gold hits one-year high on global heat
Gold hits one-year high on global heat
Local gold prices hit a one-year high on Friday as global markets continued to heat up.
Most enterprises hiked prices to more than VND39 million (US$1,669) per tael in the morning after spot gold climbed to six-year highs of $1,406 per ounce on the global market (one tael is equivalent to 1.2 ounces).
In Viet Nam, the yellow metal slowed in the early afternoon but still hovered around the one-year high.
At 2pm, the buying/selling prices at Sai Gon Jewelry Joint Stock Company (SJC) in HCM City reached VND38.35 million and VND38.60 million per tael, lower than the morning quotation of VND38.75 million and VND39.05 million.
Prices quoted in Ha Noi and Da Nang were VND38.35 million for buying and VND38.62 million for selling.
Other gold businesses also decreased their gold prices to below VND39 million per tael in the afternoon.
Bao Tin Minh Chau Jewellery and Gemstone Co Ltd quoted their buying/selling prices of JSC gold at VND38.54-VND38.70 million per tael, up more than VND1 million per tael compared to Thursday’s close.
Prices of its branded gold – Thang Long Dragon gold – dropped by more than VND400 per tael from the morning to VND38.39-VND38.84 per tael in the afternoon. However, these prices were still about VND300 higher than Thursday.
Both Doji Group and Phu Quy Jewelry quoted their gold prices at around VND38.4-VND38.7 million per tael.
Gold prices of most companies increased more than VND1 million per tael in the last two days.
A representative of Bao Tin Minh Chau Jewellery said local gold prices had increased in line with fluctuations in the global market.
Global gold prices surged to a six-year high of more than $1,400 per ounce. At the end of Friday morning, spot gold prices stood at nearly $1,406 per ounce while gold futures delivered in July 2019 recorded on Comex of the New York Mercantile Exchange were at $1.407 per ounce.
Those gains came after the US Federal Reserve signalled it was ready to cut interest rates as early as next month, sending the US dollar lower against most currencies.
The yellow metal has gained 4.8 per cent over the past five days.
Global gold prices usually climb every time the Fed announces cuts to interest rates.
