Gold prices on rising trend

Hanoi (VNA) - Domestic gold prices surged on July 15 by over 200,000 VND to reach 19.40 million VND (1,147 USD) per tael 1.2 ounces) and prices were expected to remain high in the coming days.

The gold dealers Bao Tin Minh Chau Jewellery Co in Hanoi and Saigon Jewellery Co (SJC) in Ho Chi Minh City reported that a large number of clients sold their gold the day to cash in on the high prices.

The numbers of sellers was about twice that of buyers.

SJC late on July 15 listed buy/sell prices at 19.20 -19.35 million VND (1,136-1,144 USD) per tael in Hanoi and HCM City , up by 0.9 percent from the previous day's price.

Bao Tin Minh Chau, meanwhile, listed prices at 19.27-19.40 million VND (1,140-1,148 USD) per tael against 19.05-19.40 million VND on July 14.

At noon on July 15, gold prices reached 19.45-19.49 million VND per tael.

The prices represented an increase of nearly 20.8 percent from the same time last year, marking a record high over the past three months. The global price of gold on July 15 reached 974 USD per ounce, up 1.45 percent from the
previous day, supported by the increasing global oil prices.

"The increase of local gold prices is really pegging on changes in the
global oil prices which are riding high due to the political tension amongst
the US, Israel and Iran," said the head of SJC Hanoi Luu Quang Dien.
"Another reason is an increase in demand for gold during festive seasons in
many Asian countries like China and India from September onwards," he
said.

Domestic gold prices in March touched a record high of 19.98 million VND
per tael and the prices are likely to conquer that high if there is no
improvement in the global political strife, Dien said.

"Gold price may pass 20 million VND per tael," said Tran Quoc Quynh, a gold
expert with Vietnam Trading Gold Association.-Enditem