Sunday,  Jul 22, 2018,06:15 (GMT+7) 0 0
Gold prices surge
Tran Thu
Tuesday,  Jul 18, 2017,23:11 (GMT+7)

Gold prices surge

Tran Thu

HCMC - Local gold prices continued the uptrend on Monday, rising by VND100,000 compared to the end of last week to VND36.44 million (US$1,606) and VND36.22 million per tael for selling and buying, according to Saigon Jewelry Holding Co. (SJC).

The price rise is said to be in line with the global trend. However, according to the sales department at DOJI Gold and Gems Group, the rise of global gold prices has not been strong enough to push up the domestic gold market.

Over the weekend, the global bullion market saw no large transactions as investors were cautious, said DOJI.

According to kitco.com, the world gold price on July 17 inched up by nearly US$2 from July 14 to US$1,230.2 an ounce. The global prices have continued the rising tempo, having skyrocketed by over US$14 per ounce on July 14.

The rise of global gold prices is attributed to the depreciation of the greenback. Low retail revenues and low inflation stateside have raised concerns that the U.S. economy will not grow as strongly as expected and it will be unlikely for the U.S. Federal Reserve (Fed) to further hike interest rates.

The U.S. Dollar Index, which measures the dollar against a basket of six major currencies, stood at 95.061 on July 17, the lowest level over the last ten months.

The U.S. dollar also weakened against Vietnam dong on July 17. Vietcombank quoted the dollar at VND22,760 and VND22,690 for selling and buying respectively, falling by VND10 compared to the end of last week.

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