Gold prices soar in the markets

June 22, 2020 - 12:14

The local gold price kept soaring to reach VNĐ49 million (US$2,100) per tael (1.2 ounces) this morning when the yellow metal reached its highest global price in more than a month.

Gold prices reach VNĐ49 million (US$2,100) per tael on June 22. — Photo courtesy of Doji

HÀ NỘI — The local gold price kept soaring to reach VNĐ49 million (US$2,100) per tael (1.2 ounces) this morning when the yellow metal reached its highest global price in more than a month.

In Việt Nam, the Sài Gòn Gold and Jewelry Company listed each tael of SJC gold at VNĐ48.58 million and VNĐ48.95 million (buying-selling), an increase of VNĐ200,000 compared to the rates last week.

Bảo Tín Minh Châu Gold Firm in Hà Nội increased rates by VNĐ300,000 per tael to VNĐ48.48 million and VNĐ49.03 million (buying-selling) compared to those at the weekend.

The firm advised its gold traders to be cautious in their trading and investing in gold as the gold prices were fluctuating in the market.

At the same time, gold price rose 9.7 per cent on June 22. Currently, the spot gold price rose to $1,753.50 per ounce on the global gold exchange of Kitco.com.

Michael McCarthy, chief strategist at CMC Markets, told Reuters: "General risk aversion is helping the market, we are seeing pressure on growth exposed currencies and on share markets. Overall, there are concerns about increasing infection rates." — VNS

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