Gold prices rise on global trend

The domestic gold price rocketed to hit VND38 million (US$1,710) per tael on July 6 morning in line with the global trend.

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The Sai Gon Jewelry Holdings Co. (SJC)'s gold was being traded between VND37.45 million and VND38.15 million (buying and selling) per tael, or 1.2 ounces, increasing by VND1.1 million compared with the July 5 session. 

Meanwhile, the price of gold in the Asian market was at US$1,367.5 per ounce, US$23 higher than the earlier session. 

At these trading prices, after converting according to the Vietcombank's foreign exchange rate, the global price of gold was equal to VND36.79 million per tael. 

The price hike was attributed to weak economic data from China and the unstable situation following Brexit vote, which had customers' appetite for gold. 

Analysts said the gold market would likely change a lot this week due to the impact of some important developments -- the United States Federal Reserve conference (Fed) on July 6, the United States' June report on the employment situation to be released on July 8 and the quarterly financial report of Bank of England. 

Other gold companies in Vietnam, such as Phu Quy and DOJI, also raised their gold trading prices at VND37.5 million and VND38 million per tael (buying and selling, some VND950,000 and VND1.15 million, respectively, higher than the previous day's price. 

Bao Tin Minh Chau Company was buying gold at VND37.28 million per tael and selling it at VND37.73 million, a rise of VND850,000 compared with the previous session.

VNA

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