Gold hits VND55.4 million per tael

Although the rising momentum in the global gold price slowed down, the price of gold in Vietnam continued to soar sharply in the early morning on July 24, surpassing VND56 million per tael (1.2 ounces) but then declined again.

Saigon Jewelry Company bought gold at VND53.8 million per tael and sold at VND55.4 million per tael, an increase of VND400,000 per tael in buying rate and VND600,000 per tael in selling rate, at around 4 p.m. in Ho Chi Minh City.

At the same time in Hanoi, Bao Tin Minh Chau Jewelry Company traded gold at VND54.1 million per tael for buying and VND55.1 million per tael for selling, up VND800,000 per tael in buying rate and VND850,000 per tael in selling rate.

In the global gold market, gold for immediate delivery was traded at US$1,884 an ounce on the Kitco trading floor, unchanged compared to the previous day. After conversion, the global gold price was at VND52.8 million per tael, around VND2.5 million lower than the domestic one.

Mr. Nguyen Hoang Minh, Deputy Director of the State Bank of Vietnam Ho Chi Minh City Branch, said that in recent days, the global gold price escalated sharply, leading to the increase of domestic gold price. However, domestic gold prices increased following the increase in international gold prices.

Mr. Minh also said that trading on the gold market in Ho Chi Minh City remained at normal levels. There was no situation of people rushing to buy gold. On the contrary, some people tended to sell gold when the price of gold was high.

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