Gold traded above VND39 million (US$1,680) a tael in Vietnam on Friday, the highest level since June 2013, as the precious metal surpassed the key US$1,400 level for the first time in nearly six years in the global market.
Gold prices quoted by most Vietnamese gold companies have climbed more than VND1 million (US$43) per tael in the last two days. (VND1 million = US$43)
A tael is the most common weight measure of gold in Vietnam, which equals 37.5 grams.
On Friday, SJC, Vietnam’s largest gold bar trader, quoted a selling price of VND39.05 million a tael in the morning trading session, before lowering it to VND38.6 million per tael in the afternoon. The company’s buying prices were VND38.35 million in the morning and VND38.75 million in the afternoon.
In Hanoi and the central city of Da Nang, gold prices went down to VND38.35 million a tael for buying and VND38.62 million a tael for selling on Friday afternoon.
In Vietnam, people have been rushing to gold trading businesses to sell their precious metal over the past few days thanks to the price surges.
In the global market, spot gold hit its highest since September 2013 at $1,410.78 an ounce on Friday, before closing the day at $1,388. Gold futures for July 2019 delivery recorded on Comex of the New York Mercantile Exchange were at $1,407 an ounce.
Those gains were buoyed by signals of an interest rate cut by the US Federal Reserve as early as next month, which sent the U.S. dollar lower against most currencies. Global gold prices usually climb every time the Fed announces cuts to interest rates