Gold prices in Vietnam jump past VND55 million per tael

But experts said domestic increases were greater than the global rally due to a limited supply as Vietnam has not imported any gold in recent years.

As of 2:40pm on July 24, a tael of SJC gold was listed at VND54 million for purchase and VND55.2 million for sale in the three major cities of Hanoi, Da Nang and Ho Chi Minh City.

DOJI listed the precious metal at VND54.1 million for purchase and VND55.16 million for sale in Hanoi, while the prices in Ho Chi Minh City were slightly lower at VND53.95 million and VND55.05 million for purchase and sale respectively.

Global gold prices have soared in the past few days as many major economies are still reeling from the coronavirus pandemic

According to Vietnamese experts, the current demand for gold is not high but amid global developments, some domestic gold trading companies are raising their selling prices to reduce risk when buying back.

The public are advised to make sensible judgements or they may face losses when speculating on the precious metal at this time.