Domestic gold price set new record

Gold hit its highest price on the domestic market on the afternoon of July 25 at VND 39.82 million (US$1,951.18) per tael (purchase price) and VND 39.90 million (US$1,955.1) per tael (selling price), an increase of VND 600,000 (US$29.4) per tael over the last weekend’s price.

Bao Tin Minh Chau Jewellery Co quoted prices of VND 39.77-39.87 million per tael (one tael is equal to 1.2 ounces).

Although the price soared, trading volume at the gold shops were less than when the gold price was VND 39.7 million per tael on July 19 because retail investors decided to sell their gold at the previous time while wholesalers were still observing market fluctuations.

According to economic experts, the domestic gold price rose in recent days due to the higher gold prices on international markets.

From July 13 until now, the domestic gold price had successively set new increase peaks and trading sessions with increased prices dominated. The price was now VND 1,260,000 per tael higher than the July 13 price.

Conversely, the US dollar price was relatively stable. The average interbank exchange rate stayed at 20,608 VND/USD. Accordingly, the US dollar price at commercial banks was also at a low rate. – VNA

Tags: vietnam gold, Vietnam gold market, Vietnam gold prices