Gold prices hit nine-year high after reaching VND50.4 million per tael

02:57' PM - Thursday, 09/07/2020

Domestic gold prices soared to a record nine-year high on the morning of July 9 after climbing to VND50.4 million per tael for the first time.

This comes after the Saigon Gold, Silver and Gemstone joint stock company quoted its SJC gold price this morning at VND50 million per tael for selling and VND50.4 million per tael for buying, therefore representing increases of VND50,000 each in comparison with prices seen a day earlier.

Elsewhere, DOJI Gold and Gems Group moved to raise the buying price by VND90,000 to VND50.13 million per tael, whilst simultaneously boosting the selling price by over VND150,000 to reach an overall figure of VND50.36 million per tael.

The surge can largely be put down to rises in global gold prices, at one point increasing by US$10 per ounce to US$1,808 per ounce on international markets on the morning of July 9, according to Vietnam time, their highest point so far.

With the number of novel coronavirus cases continuing to rise globally, financiers are increasingly seeing gold as a safe investment, with this being the main factor behind the recent number of sharp increases seen in the price of the precious metal.

In relation to the forex market, the VND/USD exchange rate stood at VND23,170 per US$1 for buying and VND23,200 per US$1 for selling on July 9, marking a slight decline of VND20 in comparison with the previous day. VOV

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