Gold soars to above VND53 million per tael

The price of gold in Vietnam broke all records when surpassing VND53 million per tael (1.2 ounces) on July 22.
Saigon Jewelry Company listed the price at VND52.1 million per tael for buying and VND53.05 million for selling, an increase of VND1.05 million per tael in buying rate, and VND1.55 million per tael compared to the previous day at 5 p.m. in Ho Chi Minh City.

At the same time in Hanoi, Bao Tin Minh Chau Jewelry Company bought gold at VND52.2 million per tael and sold at VND52.75 million per tael, up VND950,000 per tael in buying rate and VND1.3 million per tael in selling rate.

In the global market, spot gold rose to US$1,859 an ounce, an increase of $49 an ounce over the previous trading session in the morning on July 22. After conversion, the global gold price was equal to VND52.1 million per tael, nearly VND1 million per tael lower than the domestic gold price.

At large gold stores in HCMC, there was no situation of people rushing to buy and sell gold. The representative of Vietnam Gold Corporation also said that although the price of gold has recently fluctuated strongly, gold transactions have not changed suddenly. Because synchronous solutions to manage the gold market according to the Decree No.24/2012 of the Government have helped the domestic gold market to self-regulate unlike before, in which, whenever the price of gold changed sharply, people flocked to buy and sell gold to seek profits.

By Nhung Nguyen – Translated by Gia Bao

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