Domestic gold prices hit new record high
Hanoi (VNA) – Domestic gold prices kept soaring this morning to pass the historic high on July 6, reaching 50.32 million VND (2,172 USD) per tael (1.2 ounces). The prices of the yellow metal went up in the global market.
On July 7, Saigon Gold and Jewelry Company listed each tael of SJC gold at 49.87 million VND – 50.32 million VND (buying – selling), adding 300,000 VND for buying and 370,000 VND 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 49.99 million VND – 50.13 million VND (buying – selling) while Doji Group listed theirs at 49.98 million VND – 50.20 million VND (buying – selling). Those prices were up between 250,000 VND to 350,000 VND from July 6.
Bao Tin Minh Chau in Hanoi increased rates by 220,000 VND per tael to 49.98 million VND and 50.35 million VND (buying – selling) compared to the rates on July 6.
Converting to the Vietnamese dong with the current exchange rate, each tael of gold in the global market was 50 million VND, 300,000 VND lower than the domestic gold price.
Gold experts in Vietnam 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 Vietnam Gold Investment and Trading Joint Stock Company, said the increasing trend would not be as overwhelming as in the last two months, but there would be many ups and downs, then level off until October when the prices might fall ahead of the US election.
On July 7, gold prices rose 2 percent to 1,785.5 USD per ounce (2,151 USD per tael) on the gold exchange Kitco.
According to an analysis of Goldman Sachs, gold prices will reach 1,800-1,900 USD an ounce between the next three and six months and gradually reach 2,000 USD per ounce, or 56 million VND per tael./.VNA
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