Domestic gold recovers to VND58 million per tael

As of 10h30 am, SJC gold in Ho Chi Minh City was listed at VND58.1 million per tael for sale and VND56.45 million for purchase, up VND1.6 million and VND1.35 million respectively from the previous day’s closing prices.

The difference between selling and buying prices remained high at VND1.65 million per tael.

At the same time, DOJI traded the precious metal at VND56.9 million and VND58.1 million for purchase and sale respectively, up by VND1.4 million from a day earlier.

On the global market, spot gold climbed sharply on August 17 from around US$1,900-1,950 per ounce, approaching the US$2,000 mark.

According to Reuters, global prices jumped as a result of a weaker dollar, a pullback in US Treasury yields and Warren Buffett's Berkshire Hathaway buying a stake in a major gold miner, which boosted investor morale.

As of 10:30am on August 18, gold on the global market was being traded at US$1,988.86 per ounce, equivalent to VND55.8 million per tael, given the exchange rate of VND23,270 per US dollar listed by Vietcombank.

This price was lower than domestic prices by around VND2.3 million.