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Domestic gold prices rise to two-month high

Update: May, 05/2014 - 08:36
The DOJI's (Gold and Gems Group) SJC gold gained VND150,000 per tael to end at VND35.53-35.63 million ($1,691-1,696). — Photo fica

HA NOI (VNS) — Domestic gold prices saw their strongest increase in the last two months, going up VND170,000 per tael to around VND35.63 million.

One tael is equivalent to 1.2 ounces.

The increase has come on the back of an improvement in global prices.

The Reuters news agency has reported that the global price of gold has increased by $16 per ounce, with bullion rallying on fears of more violence after news that several men were shot dead in clashes between pro-Russian protesters and extreme rightist Ukraine supporters and that dozens were killed in an act of arson on the trade union building in the largely Russian-speaking port city of Odessa.

Traders said gold's ability to hold above key technical support at $1,275 an ounce set the stage for reversing initial heavy losses that followed data showing US job growth had increased in April at its fastest pace in more than two years.

Back home, the DOJI's (Gold and Gems Group) SJC gold gained VND150,000 per tael to end at VND35.53-35.63 million ($1,691-1,696).

Since the beginning of this year, local prices have hovered around VND35 million per tael.

Bao Tin Minh Chau's SJC gold also rose to finish at VND35.54-35.63 per tael. Gold experts predict that prices will go down this week.

With world prices around VND33.12 million per tael, domestic gold prices are more than VND2.5 million per tael higher.

Meanwhile, commercial banks maintained the exchange value of the dollar at VND21,065-21,105 late last week. — VNS

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