Gold price rises on weaker US dollar

Domestic gold price May 30 reached a new high at VND21.5 million a tael in the last trading session of the week due to low supply. Global gold prices surged US$20.6 per ounce to $980.6 an ounce.

In Ho Chi Minh City, Saigon Jewelry, Ngoc Hai Jewelry and Sacombank Jewelry’s gold was bought at VND21.2 million and sold at 21.5 million a tael (1.2 ounces), an increase of VND500,000 a tael.

Saigon Jewelry said it changed its prices eight times yesterday.

Phu Nhuan Jewelry and Dong A Bank’s gold price rose by VND150,000 to VND21.16 – 21.17 million a tael.

In Hanoi, Bao Tin Minh Chau Jewelry bought gold at VND21.25 million a tael, VND100,000 higher than its opening price, and sold gold at VND21.40 million a tael, up VND160,000.

Saigon Jewelry traded gold at VND21.15 and VND21.30 million a tael.

Trading volume reportedly remained low.

In related news, the country’s export revenue of gold reached $60 million, four times higher than last month.

The global gold price continued to climb higher as the US dollar sank to its lowest level in the month compared to the Euro and the Yen, and the crude oil price bounced back.

The precious metal increased by ten percent in value this month after two straight months of falling.

Investors continued buying despite a lot of contradictory business information. Gold Bullion Securities bought 3.07 tons of gold, raising its reserve to 137.32 tons.

The international marketing group CPM expected gold prices to pass last year’s record of $1,033.9 an ounce.

Compiled by Thuy Doan

Other news