SJC gold at Bao Tin-Minh Chau and Vang Rong Thang Long companies climbed to around VND18.86 million/tael, while it hit VND18.92 million/tael at the Kim Quy jewelries shop and VND18.6-VND18.85 million/tael at the Phu Quy jewelries shop.

Bt 4:00pm, SJC gold at the Hanoi Gold, Silver and Gemstone Company was sold at VND18.9 million/tael, up VND450,000/tael against the morning trading session and up VND530,000/tael over the previous day. In the morning alone, gold prices were adjusted 5-8 times at many shops in Hanoi.

On the free market, the price of gold fluctuated between VND18.4-18.7 million/tael compared to the previous day’s figure of VND18.24-18.37 million/tael.

Although the price of gold is rising on the domestic market, it fluctuated around US$929/ounce globally, up only US$2/ounce over yesterday.

Experts attributed the current gold price rise to surging VND/US$ exchange rate over the past few days. On the free market, the VND/US$ exchange rate increased rapidly on May 27, reaching rates of VND17,300/US$ (buying) and VND17,700 (selling), up VND400-550/US$ compared to the May 26 trading session.

According to economists, increases in gold prices on the domestic market in the coming days will depend much on the fluctuations in the exchange rate between VND vs US$.