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Gold surged to record high on global rise
On the back of rising global prices, the domestic gold price Monday surged to VND38.02 million a tael, the record-high threshold set 4 months ago.
Accordingly, the price has edged up by VND160,000 a tael against last week.
While the selling price at Saigon Jewelry Company (SJC), Vietnam’s biggest gold trader, was VND60,000 a tael higher than the buying one, the rate offered by private dealers in Ho Chi Minh City was even VND200,000 more expensive.
As of 10:05 am local time, SJC purchased gold at VND37.94 million and sold at VND38 million a tael. A tael is equal to 1.2 troy ounces.
One domestic tael was VND450,000 lower than the global price.
International gold spot Monday retreated to $1,544 per ounce after advancing to $1,548 on the weakening of the US dollar, prompting investors to seek out the precious metal as a safe-haven.
With recently-released negative economic data, especially the report on job market, concerns over outlook of growth of the world’s largest economy has stirred up again.
US employers hired the fewest number of workers in eight months in May and unemployment rate rose to 9.1 percent, stoking worries that the economic growth may be faltering, supporting sentiment in gold which is seen as a safe-haven investment during economic uncertainties, according to Reuters .
The Wall Street Monday flooded in red for 5 straight weeks as investors hesitated to pump their money into high-risk investment channel.
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