Gold prices ease after soaring
Local gold prices eased slightly on Thursday after soaring to an 8.5-year high at near VND50 million (US$2,168) per tael (1.2 ounces) on Wednesday. The same trend was reported in the global market.
On July 2, the Saigon Gold and Jewelry Company listed each tael of SJC gold at VND49.22 million - VND49.60 million (buying - selling). Compared to the last day of June, that represented an increase of more than VND400,000 for both sides. However, the prices were VND220,000 lower from Wednesday
On the same day, Phu Quy Group rated the yellow metal at VND49.25 million – VND49.55 million (buying - selling) while Doji Group listed theirs at VND49.30 - VND49.50 (buying-selling).
Bao Tin Minh Chau Gold Firm in Ha Noi reduced rates by VND200,000 per tael to VND49.35 million and VND49.55 million (buying - selling) compared to Wednesday’s rates.
The firm advised its gold traders to be cautious in their trading and investing in gold as the gold prices were fluctuating in the market.
It said the prices of gold rose more than 16 per cent in the first six months of the year while the world’s prices continued to soar in the first session of July, adding that compared to a week ago, the domestic gold price has increased by about VND800,000 per tael. Since the beginning of the year, SJC gold has increased by about VND5.5 million for each tael.
In the global market, the gold prices also decreased a few bucks from the rates a day before. Currently, the spot gold price lost 0.23 per cent to stay at $1,767 per ounce. On Wednesday, the prices reached an eight-year peak. Experts said solid US manufacturing data and promising results from a COVID-19 vaccine trial revived hopes for a quick economic recovery and dented demand for safe havens.
Converting to the local dong with the current exchange rate each tael of gold in the global market was VND49.2 million, VND400,000 lower than the domestic gold price.