Local gold prices reach a new record high

Local gold prices kept soaring this morning to pass the historic high on July 6, reaching VND50.32 million (US$2,172) per tael (1.2 ounces). The prices of the yellow metal went up in the global market.

 

On July 7, the Saigon Gold and Jewelry Company listed each tael of SJC gold at VND49.87 million – VND50.32 million (buying – selling), adding VND300,000 for buying and VND370,000 for the selling side from a day before when the prices reached the highest level ever in the local market.

On the same day, Phu Quy Group rated the yellow metal at VND49.99 million – VND50.13 million (buying – selling) while Doji Group listed theirs at VND49.98 million – VND50.20 million (buying – selling). Those prices were up between VND250,000 to VND350,000 from July 6.

Bao Tin Minh Chau Gold Firm in Ha Noi increased rates by VND220,000 per tael to VND49.98 million and VND50.35 million (buying – selling) compared to the rates on July 6.

Converting to the local dong with the current exchange rate, each tael of gold in the global market was VND50 million, VND300,000 lower than the domestic gold price.

Gold experts in Viet Nam agreed that the upward trend could last for the next three months as gold was still a safe asset amid a relatively unstable geopolitical situation and continuing pandemic.

Tran Thanh Hai, chairman of Viet Nam Gold Investment and Trading Joint Stock Company, said the increasing trend will not be as overwhelming as in the last two months, but there will be many ups and downs, then level off until October when the prices might fall ahead of the US election.

Phan Dung Khanh, investment director of Maybank Kim Eng Securities and a gold expert told Viet Nam News: “Whether the domestic gold price will keep at this level depends on the world price movements.”

On July 7, gold prices rose 2 per cent to $1,785.5 per ounce ($2,151 per tael) on the gold exchange Kitco.

According to an analysis of Goldman Sachs, gold prices will reach $1,800-1,900 an ounce between the next three and six months and gradually reach $2,000 per ounce, or VND56 million per tael. 

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