The Saigon Gold, Silver and Gemstone joint stock company listed gold prices at VND49.5 million per tael for buying and VND49.88 million per tael for selling during its morning transactions on July 4, representing an increase of VND20,000 to VND30,000 per tael from the previous day.
Elsewhere, the DOJI Gold and Gems Group raised the buying price by VND30,000 to VND49.5 million per tael, in addition to boosting the selling price by over VND50,000 to reach a figure of VND49.7 million per tael.
This increase comes after gold prices rose sharply to US$1,774.4 per ounce on international markets on the evening of July 3, forcing the price of domestic gold to peak at VND49.88 million per tael, moving way past the previous VND49.6 million record set on July 1.
With the number of novel coronavirus cases continuing to rise globally, financiers are becoming increasingly keen to put their money into gold, with many seeing it as a safe investment. Indeed, this can be considered to be the main factor behind the recent sharp increase in the price of the precious metal.
In relation to the forex market, the Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank), listed the VND/USD exchange rate at VND23,110 per US$1 for buying and VND23,290 per US$1 for selling, representing a slight decline.