Gold escalates to above VND62 million per tael

The price of gold in Vietnam on August 7 continued to go up by more than VND1 million per tael (1.2 ounces) compared to the previous day, surpassing VND62 million per tael.
Saigon Jewelry Company listed the price at VND60.75 million per tael for buying and at VND62.4 million per tael for selling at 5 p.m. in Ho Chi Minh City, an increase of VND1.15 million per tael in buying rate and VND1 million per tael in selling rate.

At the same time in Hanoi, Bao Tin Minh Chau Jewelry Company bought SJC gold at VND60.4 million per tael and sold at VND61.85 million per tael, up VND800,000 per tael in buying rate and VND850,000 per tael in selling rate.

In the global gold market, bullion closed the trading session in New York at night on August 6, increasing to US$2,055.87 an ounce. Sometimes in the trading session, the heavy metal jumped to an all-time high of $2,069.21 an ounce.

In the Asian gold market, the precious metal stood at $2,067 an ounce. This price level was equal to around VND58 million per tael after conversion, lower than the domestic gold price by about VND4.5 million per tael.

Thus, the price of gold in Vietnam has climbed by around VND5 million per tael just within a week. According to gold traders, when the price of gold surpassed VND62 million per tael, selling demand was higher than buying.

By Nhung Nguyen – Translated by Thanh Nha

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