Gold hits one-year high on global heat

June 21, 2019 - 16:25
Local gold prices hit a one-year high on Friday following heat in global markets.


Customers buy gold at a Phú Quý store. Gold prices at most companies have increased more than VNĐ1 million in the last two days. — VNA/VNS Photo Đức Duy

HÀ NỘI — Local gold prices hit a one-year high on Friday as global markets continued to heat up.

Most enterprises hiked prices to more than VNĐ39 million (US$1,669) per tael in the morning after spot gold climbed to six-year highs of $1,406 per ounce on the global market (one tael is equivalent to 1.2 ounces).

In Việt Nam, the yellow metal slowed in the early afternoon but still hovered around the one-year high.

At 2pm, the buying/selling prices at Sài Gòn Jewelry Joint Stock Company (SJC) in HCM City reached VNĐ38.35 million and VNĐ38.60 million per tael, lower than the morning quotation of VNĐ38.75 million and VNĐ39.05 million.

Prices quoted in Hà Nội and Đà Nẵng were VNĐ38.35 million for buying and VNĐ38.62 million for selling.

Other gold businesses also decreased their gold prices to below VNĐ39 million per tael in the afternoon.

Bảo Tín Minh Châu Jewellery and Gemstone Co Ltd quoted their buying/selling prices of JSC gold at VNĐ38.54-VNĐ38.70 million per tael, up more than VNĐ1 million per tael compared to Thursday’s close.

Prices of its branded gold – Thăng Long Dragon gold – dropped by more than VNĐ400 per tael from the morning to VNĐ38.39-VNĐ38.84 per tael in the afternoon. However, these prices were still about VNĐ300 higher than Thursday.

Both Doji Group and Phú Quý Jewelry quoted their gold prices at around VNĐ38.4-VNĐ38.7 million per tael.

Gold prices of most companies increased more than VNĐ1 million per tael in the last two days.

A representative of Bảo Tín Minh Châu Jewellery said local gold prices had increased in line with fluctuations in the global market.

Global gold prices surged to a six-year high of more than $1,400 per ounce. At the end of Friday morning, spot gold prices stood at nearly $1,406 per ounce while gold futures delivered in July 2019 recorded on Comex of the New York Mercantile Exchange were at $1.407 per ounce.

Those gains came after the US Federal Reserve signalled it was ready to cut interest rates as early as next month, sending the US dollar lower against most currencies.

The yellow metal has gained 4.8 per cent over the past five days.

Global gold prices usually climb every time the Fed announces cuts to interest rates.  VNS




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