Gold escalates to nearly VND41.7 million per tael

The price of gold in Vietnam soared VND800,000 per tael (1.2 ounces) to nearly VND41.7 million (US$1,796.63) per tael on August 7 as global gold price neared $1,500 an ounce.

Saigon Jewelry Company, the largest gold bar trader in Vietnam, bought the precious metal at VND41.2 million per tael and sol at VND41.6 million per tael at 4.30 p.m. in Ho Chi Minh City, an increase of VND700,000 per tael in buying price and VND800,000 per tael in selling price.

At the same time in Hanoi, Doji Group purchased gold at VND41.15 million per tael and sold at VND41.68 million per tael, up VND600,000 per tael in buying rate and VND730,000 per tael in selling rate.

After climbing for several days, the US dollar exchange rate at commercial banks dropped by VND30 per dollar. Vietcombank bought dollars at VND23,160 per dollar and sold at VND23,280 per dollar.

On free market, dollar exchange rate also declined by VND10 per dollar to trade at VND23,235 per dollar for buying and VND23,265 per dollar for selling.

By Nhung Nguyen – Translated by Thuy Doan

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