Gold price increases unexpectedly

November 02, 2016 | 16:05

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SJC's gold price experienced a sudden rise of VND170,000 (US$7.6) per tael (1.02 ounces) compared with the previous session, pushing the selling price to VND36.07 million ($1,613) per tael,

Gold price trend in the local market recently. - Photo economy

This price was recorded at 10am on November 2, 2016.

BTMC's gold selling price rose by VND160,000 ($7.157) per tael, increasing the current price to VND35.99 million ($1,609) per tael.

The amount of gold exchanged has been increasing since the afternoon of November 1, with both state-owned Sai Gon Jewellery Joint Stock Company (SJC) and Bao Tin Minh Chau Gold and Jewellery Company (BTMC) reporting a rise in their selling price for gold.

The number of arbitragers increased significantly, with 70 per cent of all exchanges being buys and 30 per cent being sells on the morning of November 2.

Gold price is expected to keep rising in the short term. This is the peak for the price of gold within one month, as the US dollar experiences a drop in value in lieu of the current election.

In the world market, exchange price for gold in Asia is also on the rise, with an increase $4 per ounce from the last session, currently at $1,291 per ounce.

The current currency exchange rate is in accordance with Vietcombank's rate of VND22,355 per $1.

VNS

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