Domestic gold price surges

Thursday, Apr 13, 2017 19:00

Local gold prices increased significantly on Thursday in line with the robust growth of global gold prices. — Photo

Local gold prices hit one-week high on Thursday in line with the robust growth of global gold prices.

On Thursday afternoon, Sài Gòn Jewelry Joint Stock Company (SJC) quoted buying and selling prices of its gold in HCM City at VND36.67 million (US$1,615) and VND36.87 million per tael, an increase of some VND130,000-150,000 per tael compared with Wednesday.

DOJI Group also increased its buying/selling prices by some VND240,000 per tael, quoting its gold price at VND36.72-36.80 VND36.72 million-VND36.80 million per tael.

At 3.30pm, Phu Nhuan Jewelry Joint Stock Company sold bought SJC gold at VND36.67 million per tael and bought sold it at VND36.85 million, a rise of VND90,000-160,000 per tael against the previous day.

Gold was being traded at some $1,286 per ounce, a five-month high, on the New York Gold Exchange on Wednesday. (One tael is equivalent to 1.2 ounce).

Gold prices have increased nearly 12 per cent this year globally, but are still VND1.2 million lower per tael in comparison with the domestic price.

Robust growth in the global gold market is attributed to prolonged geopolitical tensions between the United States and Russia and North Korea.

“Issues over US President Donald Trump’s policies, the escalating conflicts in Syria and the challenge from North Korea seem to be the launch pad for increasing world gold prices,” a DOJI representative was quoted as saying on — VNS

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