Local gold soars, U.S. dollar falls

Domestic gold prices surged today, December 4, after a few days of moving sideways, while the U.S. dollar took a sudden nosedive, the local media reported.


Many gold trading firms in HCMC quoted the SJC gold price at VND41.45 million per tael for buying and VND41.65 million per tael for selling, up VND250,000 per tael against the previous session.

The prices of Phu Quy gold were VND41.35 million for buying and VND41.5 million for selling, rising by VND80,000 per tael versus the previous session.

Hanoi-based Doji Group hiked the gold price to VND50,000 per tael, buying gold at VND41.35 million per tael and selling it at VND41.5 million per tael on December 4, the second straight rising session of the brand.

The Rong Thang Long gold price at Bao Tin Minh Chau Jewelry was raised to VND41.79 million per tael for selling from VND41.74 million, up VND50,000 per tael.

The price of the yellow metal on the global market stood at US$1,478 per ounce on December 4, rising some US$18 versus the previous session. The global gold price hike followed U.S. President Donald Trump’s statement concerning a possible delay in a trade deal with China until after the U.S. presidential election in November 2020.

The trade deal seemed to run into trouble after the United States passed the Hong Kong rights bills. As such, due to the fear of escalating tensions between the two countries, investors have rushed to buy gold as a safe haven.

Meanwhile, the price of the greenback at many local banks dipped on December 4.

Dollar prices at local commercial banks were quoted at VND23,120 for buying and VND23,240 for selling, dropping 20 dong per U.S. dollar against the previous session.

The State Bank of Vietnam quoted the central reference rate at VND23,159, up three dong against the earlier session.


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