Domestic gold prices soar hinh anh 1Local gold prices soared to hit 47.7 million VND (2,053 USD) per tael on March 6 (Photo: VNA)

Hanoi (VNA) - Local gold prices soared to hit 47.7 million VND (2,053 USD) per tael (1,703.7 USD per ounce) on March 6.

Each tael of gold increased between 400,000 VND and 600,000 VND from its level on March 5. The price gap between selling and buying was more than 1 million VND.

At the beginning of the day, Doji was asking 47.7 million VND for each tael of gold, while Sai Gon Jewellery Company (SJC) posted 47.25 million VND per tael. The Bao Tin Minh Chau gold firm listed its precious metal at 47.35 million VND each in the selling prices.

Smaller shops were also asking for similar prices.

On the global market, gold prices inched higher and were poised for their biggest weekly gain since October 2011, as mounting worries over the economic fallout from the fast-spreading coronavirus drove investors towards the safe-haven metal. 

On the gold exchange Kitco, prices rose 2 percent to 1,677 USD per ounce (2,020 USD per tael) on March 6 morning.

In the local market, Bao Tin Minh Chau recorded a surge in transactions in the morning with 55 percent buyers and 45 percent sellers. The firm said on its website it was a good time for investors to trade gold to make a profit./.