Gold prices in Vietnam hit two-year high on global heat

Local gold prices hit a two-year high on June 21 as the global market continued to heat up.

Customers buy gold at a Phu Quy store

Most enterprises hikedprices to more than 39 million VND (1,675 USD) per tael in themorning after spot gold climbed to six-year high of 1,406 USD per ounce onthe global market (one tael is equivalent to 1.2 ounces).

In Vietnam, the yellowmetal slowed in the early afternoon but still hovered around the two-yearhigh.

At 2pm, thebuying/selling prices at Sai Gon Jewelry Joint Stock Company (SJC) in Ho Chi MinhCity reached 38.35 million VND and 38.60 million VND per tael, lower than themorning quotation of 38.75 million VND and 39.05 million VND.

Prices quoted in Hanoiand Da Nang were 38.35 million VND for buying and 38.62 million VND forselling.

Other gold businessesalso decreased their gold prices to below 39 million VND per tael in theafternoon.

Bao Tin Minh Chau Jewelleryand Gemstone Co Ltd quoted their buying/selling prices of JSC gold at 38.54-38.70million VND per tael, up more than 1 million VND per tael compared to June 20’sclose.

Prices of its brandedgold – Thang Long Dragon gold – dropped by more than 400,000 VND per tael from themorning to 38.39-38.84 million VND per tael in the afternoon. However, theseprices were still about 300,000 VND higher than that on June 20.

Both Doji Group and PhuQuy Jewelry quoted their gold prices at around 38.4-38.7 million VND per tael.

Gold prices of mostcompanies increased more than 1 million VND per tael in the last two days.

A representative of BaoTin Minh Chau Jewellery said local gold prices had increased in line withfluctuations in the global market.

Global gold pricessurged to a six-year high of more than 1,400 USD per ounce. At the end of June21 morning, spot gold prices stood at nearly 1,406 USD per ounce while goldfutures delivered in July 2019 recorded on Comex of the New York MercantileExchange were at 1,407 USD per ounce.

Those gains came afterthe US Federal Reserve signalled it was ready to cut interest rates asearly as next month, sending the US dollar lower against most currencies.

The yellow metal hasgained 4.8 percent over the past five days.

Global gold pricesusually climb every time the Fed announces cuts to interestrates.-VNA

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