Gold prices rise on global trend

Hanoi (VNA) – The domestic gold price rocketed to hit 38 million VND (1,710 USD) per tael on July 6 morning in line with the global trend.

The Sai Gon Jewelry Holdings Co. (SJC)'s gold was being traded between 37.45 million VND and 38.15 million VND (buying and selling) per tael, or 1.2 ounces, increasing by 1.1 million VND compared with the July 5 session.

Meanwhile, the price of gold in the Asian market was at 1,367.5 USD per ounce, 23 USD higher than the earlier session.

At these trading prices, after converting according to the Vietcombank's foreign exchange rate, the global price of gold was equal to 36.79 million VND per tael.

The price hike was attributed to weak economic data from China and the unstable situation following Brexit vote, which had customers' appetite for gold.

Analysts said the gold market would likely change a lot this week due to the impact of some important developments -- the United States Federal Reserve conference (Fed) on July 6, the United States' June report on the employment situation to be released on July 8 and the quarterly financial report of Bank of England.

Other gold companies in Vietnam, such as Phu Quy and DOJI, also raised their gold trading prices at 37.5 million VND and 38 million VND per tael (buying and selling, some 950,000 VND and 1.15 million VND, respectively, higher than the previous day's price.

Bao Tin Minh Chau Company was buying gold at 37.28 million VND per tael and selling it at 37.73 million VND, a rise of 850,000 VND compared with the previous session.-VNA