Local gold prices reach a new record high

Update: July, 07/2020 - 13:00


Gold buyers at Bảo Tín Minh Châu Gold Firm in Hà Nội .The prices increased to their highest rate on July 7. — VNA/VNS Photo 

HÀ NỘI — Local gold prices kept soaring this morning to pass the historic high on July 6, reaching VNĐ50.32 million (US$2,172) per tael (1.2 ounces). The prices of the yellow metal went up in the global market.

On July 7, the Saigon Gold and Jewelry Company listed each tael of SJC gold at VNĐ49.87 million – VNĐ50.32 million (buying – selling), adding VNĐ300,000 for buying and VNĐ370,000 for the selling side from a day before when the prices reached the highest level ever in the local market.

On the same day, Phú Quý Group rated the yellow metal at VNĐ49.99 million – VNĐ50.13 million (buying – selling) while Doji Group listed theirs at VNĐ49.98 million – VNĐ50.20 million (buying – selling). Those prices were up between VNĐ250,000 to VNĐ350,000 from July 6.

Bảo Tín Minh Châu Gold Firm in Hà Nội increased rates by VNĐ220,000 per tael to VNĐ49.98 million and VNĐ50.35 million (buying – selling) compared to the rates on July 6.

Converting to the local đồng with the current exchange rate, each tael of gold in the global market was VNĐ50 million, VNĐ300,000 lower than the domestic gold price.

Gold experts in Việt Nam agreed that the upward trend could last for the next three months as gold was still a safe asset amid a relatively unstable geopolitical situation and continuing pandemic.

Trần Thanh Hải, chairman of Việt Nam Gold Investment and Trading Joint Stock Company, said the increasing trend would not be as overwhelming as in the last two months, but there would be many ups and downs, then level off until October when the prices might fall ahead of the US election.

Phan Dũng Khánh, investment director of Maybank Kim Eng Securities and a gold expert told Việt Nam News: “Whether the domestic gold price will keep at this level depends on the world price movements.”

On July 7, gold prices rose 2 per cent to $1,785.5 per ounce ($2,151 per tael) on the gold exchange Kitco.

According to an analysis of Goldman Sachs, gold prices will reach $1,800-1,900 an ounce between the next three and six months and gradually reach $2,000 per ounce, or VNĐ56 million per tael. — VNS