Business

Gold surges to nearly VND49.3 million per tael

SGGP
The price of gold in Vietnam soared to nearly VND49.3 million per tael (1.2 ounces) on June 24 as the global gold price jumped to the highest level in the past eight years.
In late-afternoon, Saigon Jewelry Company bought the precious metal at VND48.86 million per tael and sold at VND49.26 million per tael, an increase of VND200,000 per tael in buying rate and VND230,000 per tael in selling rate compared to the previous day.

At the same time in Hanoi, Bao Tinh Minh Chau Jewelry Company bought gold at VND49.01 million per tael and sold at VND49.19 million per tael, up VND300,000 per tael in buying price and VND320,000 per tael in selling price.

In the global gold market, the heavy metal rose to US$1,775 an ounce, an increase of $20 an ounce compared to the previous trading session. At 10 a.m. Vietnamese time, global bullion price was at $1,768 an ounce. After conversion, the global gold price was equivalent to VND49.7 million per tael.

According to experts, the price of gold hiked to the highest level since October 2012 due to the weakening US dollar, along with the impacts of the monetary stimulus packages of central banks. Besides, the complicated developments of the Covid-19 pandemic, as well as geopolitical tensions in some countries in the world has urged investors to seek the precious metal as a safe-haven. International investors forecasted that the global gold price will reach $1,800 an ounce soon, and even the all-time high of $1,900 an ounce as it did in 2011 if these uncertainties have not been improved yet.

By Nhung Nguyen – Translated by Gia Bao

Other news