Gold price in Vietnam jumps to two-year high

June 21, 2019 | 06:43

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A recent hike pushed the price of gold to a new peak since 2017 as a result of the global surge in gold price and the U.S. Federal Reserve’s signal to cut interest rates.

On June 20, gold climbed to close at VND8.02 million ($1,653) and VND 38.32 million ($ 1,666) per ounce (buy and sell) by 10:00 AM at Vietnamese jewellery chain Phu Quy, which is VND740,000 ($32.17) higher compared to the previous day. At the Bao Tin Minh Chau Jewelry chain, gold hit VND38.21 million/38.45 million per ounce ($1,661.3/1,671.7)

The metal has rallied recently, which indicates that investors seek safe havens amid global economic turbulence from the US-China trade war.

gold price in vietnam jumps to two year high

Gold prices in Vietnam have been rising on the wave of a global surge. Photo: FT

According to Michael McCarthy, chief market strategist at CMC Markets Asia-Pacific Pty., “The important aspect of this run higher is that it’s breaking through important technical resistance levels, so we’ve also got technical impetus adding to that fundamental shift in monetary conditions. Throw in a weakening US dollar, we’ve got every reason to expect a good performance from gold,” Bloomberg reported.

It is also noted that the number of customers trading gold rose sharply in recent days as the market opts for caution, a jewellery store owner in Tran Thai Tong Street (Hanoi) stated.

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