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Gold prices ease after soaring

Update: July, 02/2020 - 16:49

 

Gold buyers are seen at Mạnh Hải. Gold Firm in Hà Nội. Gold prices are rated 16 per cent higher since the beginning of the year. — VNA/VNS Photo Trần Việt

HÀ NỘI — Local gold prices eased slightly yesterday after soaring to an 8.5-year high at near VNĐ50 million (US$2,168) per tael (1.2 ounces) on Wednesday. The same trend was reported in the global market.

On July 2, the Saigon Gold and Jewelry Company listed each tael of SJC gold at VNĐ49.22 million - VNĐ49.60 million (buying - selling). Compared to the last day of June, that represented an increase of more than VNĐ400,000 for both sides. However, the prices were VNĐ220,000 lower from Wednesday

On the same day, Phú Quý Group rated the yellow metal at VNĐ49.25 million – VNĐ49.55 million (buying - selling) while Doji Group listed theirs at VNĐ49.30 - VNĐ49.50 (buying-selling).

Bảo Tín Minh Châu Gold Firm in Hà Nội reduced rates by VNĐ200,000 per tael to VNĐ49.35 million and VNĐ49.55 million (buying - selling) compared to Wednesday’s rates.

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.

It said the prices of gold rose more than 16 per cent in the first six months of the year while the world’s prices continued to soar in the first session of July, adding that compared to a week ago, the domestic gold price has increased by about VNĐ800,000 per tael. Since the beginning of the year, SJC gold has increased by about VNĐ5.5 million for each tael.

In the global market, the gold prices also decreased a few bucks from the rates a day before. Currently, the spot gold price lost 0.23 per cent to stay at $1,767 per ounce. On Wednesday, the prices reached an eight-year peak. Experts said solid US manufacturing data and promising results from a COVID-19 vaccine trial revived hopes for a quick economic recovery and dented demand for safe havens.

Converting to the local đồng with the current exchange rate each tael of gold in the global market was VNĐ49.2 million, VNĐ400,000 lower than the domestic gold price. — VNS

 

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