Business

Gold approaches VND50 million per tael

SGGP
The price of gold in Vietnam increased sharply to nearly VND50 million per tael on the first day of July due to strong rising momentum in the global gold price.
Saigon Jewelry Company bought gold at VND49.42 million per tael and sold at VND49.8 million per tael, an increase of VND380,000 per tael in buying price and VND410,000 per tael in selling price, at 4 p.m. in Ho Chi Minh City.

In the global gold market, the precious metal rose to US$1,783.52 an ounce at 2 p.m. Vietnamese time, equivalent to VND50.05 million per tael. International experts said that currently, investors have returned to the yellow metal as an alternative for bonds amid the context of new developments of geopolitical tensions and the Covid-19 pandemic. That was also the reason that made the bullion hit a new record high in more than eight years.

After declining for six consecutive trading sessions, in the trading session on July 1, the VN-Index rebounded as most stocks recovered positively. Foreign investors net bought around VND100 billion in the market. The VN-Index jumped 18.38 points, or 2.23 percent, to close at 843.49 points with 306 stocks increasing, 81 decreasing, while 39 remaining unchanged. However, market liquidity was merely at VND5.25 trillion, much lower than the level of VND6.9 trillion in the previous trading session.

By Nhung Nguyen – Translated by Thanh Nha

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