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Domestic gold prices hit new record high

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.
Domestic gold prices hit new record high ảnh 1Gold prices reach the highest level ever in the local market on July 7 (Photo: VNA)

Hanoi (VNA) – Domestic gold prices kept soaring this morning to pass the historichigh 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.

OnJuly 7, Saigon Gold and Jewelry Company listed each tael of SJC gold at 49.87million VND – 50.32 million VND (buying – selling), adding 300,000 VND forbuying and 370,000 VND for the selling side from a day before when the pricesreached the highest level ever in the local market.

Onthe same day, Phu Quy Group rated the yellow metal at 49.99 million VND – 50.13million VND (buying – selling) while Doji Group listed theirs at 49.98 millionVND – 50.20 million VND (buying – selling). Those prices were up between 250,000VND to 350,000 VND from July 6.

BaoTin Minh Chau in Hanoi increased rates by 220,000 VND per tael to 49.98 millionVND and 50.35 million VND (buying – selling) compared to the rates on July 6.

Convertingto the Vietnamese dong with the current exchange rate, each tael of gold in theglobal market was 50 million VND, 300,000 VND lower than the domestic goldprice.

Goldexperts in Vietnam agreed that the upward trend could last for the next threemonths as gold was still a safe asset amid a relatively unstable geopoliticalsituation and continuing pandemic.

TranThanh Hai, Chairman of Vietnam Gold Investment and Trading Joint Stock Company,said the increasing trend would not be as overwhelming as in the last twomonths, but there would be many ups and downs, then level off until Octoberwhen the prices might fall ahead of the US election.

OnJuly 7, gold prices rose 2 percent to 1,785.5 USD per ounce (2,151 USD pertael) on the gold exchange Kitco.

Accordingto an analysis of Goldman Sachs, gold prices will reach 1,800-1,900 USD anounce between the next three and six months and gradually reach 2,000 USD perounce, or 56 million VND per tael./.
VNA
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