Business

Gold continues its meteoric rise to new high

The domestic gold price on August 3 hit a record 41.3 million VND (2,014 USD) per tael (one tael is equivalent to 1.2 ounces) as the world spot gold price hit 1,675 USD per ounce.
The domestic gold price on August 3 hit a record 41.3 million VND(2,014 USD) per tael (one tael is equivalent to 1.2 ounces) as the worldspot gold price hit 1,675 USD per ounce.

Domestic gold shops constantly updated their buying and selling prices up to 15 times during the day.

On the afternoon of August 3, Phu Quy company's gold shop on TranNhan Tong Street in Hanoi posted its buying and selling pricesat 41.1 million VND and 41.3 million VND per tael, respectively.Meanwhile, Bao Tin Minh Chau company set its prices at 41.12 million VNDand 41.3 million VND.

In Ho Chi Minh City , SaiGon Jewellery (SJC) listed its prices at 41.17 million VND and 41.3million VND at 1.30 pm the same day and Sacombank (SBJ) posted itsprices at 41.16 million VND and 41.29 million VND.

Large gold firms said gold trading was quiet as investors were waiting to see what will happen next.

Onthe world market, economic experts expected gold to fall after August2, when the US Congress reached an agreement on the debt ceiling.However, the price of this precious metal remained high as investorsmaintained enthusiasm for gold./.
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