Domestic gold shoots up to all-time high of VND58 million per tael

As of 10am on July 28, a tael of SJC gold was listed at VND58.1 million for selling and VND56.7 million for buying, up by more than VND1 million from the end of July 27.

DOJI gold also soared by around VND1 million from the previous day to VND57.9 million for selling and VND56.45 million for buying in Hanoi and Ho Chi Minh City.

On the global market, the metal has surpassed its peaks in 2011, peaking at US$1,975 per ounce on Tuesday, according to Reuters, with the mark of US$2,000 per ounce in sight.

With prices soaring in recent days, the central bank of Vietnam has counselled caution when trading gold as global gold will continue to witness complicated developments depending on the coronavirus pandemic and US-China tensions.

According to experts, increases in domestic gold prices are higher than the global rises due to limited supply at home as Vietnamese companies have not been able to import the precious metal.

When there is volatility in the world market, gold trading companies usually widen the difference between domestic and global prices in order to avoid risks.