Gold soars VND700,000 per tael

The price of gold in Vietnam jumped by VND700,000 (US$30.19) per tael (1.2 ounces) on May 20 as the global gold price rebounded.

Saigon Jewelry Company listed the price of SJC gold at VND68.95 million ($2,974.6) per tael for buying and VND69.85 million ($3,013.43) per tael for selling, an increase of VND700,000 per tael in the buying rate and VND600,000 per tael in the selling rate, at around 4 p.m. in Ho Chi Minh City,

At the same time in Hanoi, PNJ Company bought SJC gold at VND68.95 million and sold at VND69.85 million, an increase of VND600,000 per tael in both buying and selling rates.

On the global gold market, spot gold price in Asia traded at US$1,845 an ounce on the afternoon of May 20 (Vietnam time). After conversion, this price level is equivalent to VND51.72 million per tael, about VND18.2 million per tael lower than the SJC gold price.

The precious metal recovered robustly because the US dollar exchange rate and the US Treasury yields dropped.