Gold prices rise on global trend

Thursday, Jul 07, 2016 16:37

A staff at Bao Tin Minh Chau Jewelry Company’s shop in Ha Noi. Gold price hits a high level on July 6. — File Photo

HA NOI — Sai Gon Jewelry Holdings Co. (SJC)’s gold price rocketed up on July 6 in line with the global trend.

Its gold was being traded between VND37.30 million (US$1,672) and VND38 million (buying and selling) per tael, or 1.2 ounces, increasing by VND1.1 million compared with yesterday’s session.

Meanwhile, the price of gold in the Asian market was at $1.36 per ounce, $20 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, VND1.12 million lower than the price of SJC gold.

Domestic gold traders attributed the price hike to weak economic data from China and the unstable situation following Brexit, 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 Viet Nam, such as Phu Quy and DOJI, also raised their gold trading prices at VND37.5 million and VND38 million per tael, respectively, some VND1.15 million higher than yesterday’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 yesterday’s session.

At the foreign currency market, the central bank increased its reference rate per US dollar by eight dong to touch VND21,866 on July 6.

With a margin of +/ three per cent, commercial banks, including Vietcombank and VietinBank, was buying each US dollar at VND22,270 and selling at VND22,340, unchanged from yesterday’s session.

Bank for Investment and Development of Vietnam (BIDV) was trading at a buying and selling price of VND22,270 and VND22,335, respectively, per dollar. — VNS

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