Customers at a gold store in Hà Nội. Local gold prices continue to shoot up on Wednesday morning. — VNA/VNS Photo Đức Duy

HÀ NỘI – Domestic gold prices shot up on Wednesday after gold hit a six-year high again on the global market.

In the early morning, Sài Gòn Jewelry Joint Stock Company (SJC) increased its selling price by more than VNĐ1 million to VNĐ39.47 million (US$1,694) per tael, or 1.2 ounces.

Its buying price was also up VNĐ800,000 per tael to VNĐ39.05 million.

The prices slowed slightly in the early afternoon but remained at the highest level in many years, with the buying/selling prices staying at VNĐ38.95 million and VNĐ 39.25 million per tael respectively for transactions in HCM City.

The selling prices in Hà Nội and Đà Nẵng cities were VNĐ200,000 higher at VNĐ 39.27 million per tael.

In the early afternoon, SJC gold prices quoted by Bảo Tín Minh Châu Jewellery and Gemstone were VNĐ38.85 million per tael for buying and VNĐ39.30 million per tael for selling, up VNĐ670,000 per tael compared to Tuesday’s close.

Prices of its branded gold – Thăng Long Dragon – also increased to VNĐ38.78 million and VNĐ39.28 million per tael for buying/selling.

Doji Group also increased both their buying and selling prices by VNĐ9700,000 and VNĐ1.05 million per tael in the early morning to VNĐ39.2-39.7 million per tael.

Their prices dropped a little towards noon, being traded at around VNĐ38.9 million per tael.

Gold has shown it is extremely sensitive to geopolitical volatility.

The yellow metal's price shot up on Tuesday, reclaiming a six-year peak after the US threatened to impose new tariffs on an additional $4 billion of goods from the European Union (EU) over the dispute between aircraft giants Boeing and Airbus.

On Wednesday morning, gold prices continued to rise with the spot price reaching more than $1,425 per ounce, while the gold price delivered in August on the New York Stock Exchange stood at $1,428.8 per ounce.

Economists have predicted the US non-farm payrolls data due on Friday, which should help investors better assess the Fed’s possibility of cutting interest rates, and potential for renewed trade tension and broader geopolitical risk would spur further investment in gold. — VNS