Gold hikes to above VND49.4 million per tael

The price of gold in Vietnam jumped to VND49.42 million per tael (1.2 ounces) on May 18 as the global gold price hit a nearly-eight-year high due to increasing safe-haven demand for the metal caused by escalating tension between China and the US.
Saigon Jewelry Company bought gold at VND48.9 million per tael and sold at VND49.42 million per tael at 3.45 p.m. in Ho Chi Minh City, an increase of VND550,000 per tael in buying price and VND650,000 per tael in selling price compared to last weekend.

At the same time in Hanoi, Bao Tin – Minh Chau Jewelry Company also purchased SJC gold at VND48.84 million per tael and sold at VND49.16 million per tael, up VND400,000 per tael in buying rate and VND490,000 per tael in selling rate.

In the Asian market, the precious metal soared by nearly US$20 an ounce to $1,760 an ounce compared to last weekend. After conversion, the global gold price was VND500,000 per tael higher than the domestic gold price.

In related news, although foreign investors returned to net sell for more than VND100 billion after net buying for four consecutive trading sessions, Vietnam’s stock market recovered positively, curbing a three-day-losing streak on May 18.

The VN-Index revived 9.98 points, or 1.21 percent, to 837.01 points with 206 stocks advancing, 84 retreating, and 156 standing still.

Meanwhile, the HNX-Index slightly dropped 0.59 points, or 0.45 percent, to close at 108.54 points. Of the index member, 84 stocks surged, 59 sank while 222 trodden water.

Market liquidity slightly declined compared to the previous trading session but was still at a high level with a total trading value of nearly VND4.5 trillion in the market.

By Nhung Nguyen – Translated by Thanh Nha

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