Gold prices have risen by more than half a million dong.

Investors are once again turning to gold as a safe-haven asset, causing the price of this precious metal on the world market to rise by nearly double digits. As a result, the price of gold in Vietnam increased by 600,000 VND, regaining the 38 million VND/ounce mark on the morning of July 4th.

Gold prices have risen sharply. (Illustrative image)

At the market opening, each SJC gold bar was listed by Saigon Jewelry Company at 37.25 million VND (buying price) - 37.75 million VND (selling price), an increase of 450,000 VND and 150,000 VND per tael. A few minutes later, the price increased by another 100,000 VND in each direction, reaching 37.35 million VND - 37.85 million VND. Not stopping there, by nearly 9 am, the price was 37.40 million VND - 37.90 million VND. Thus, compared to the previous day, the domestic gold price this morning "jumped" by 600,000 VND and 300,000 VND.

Doji Group adjusted the price upwards by 530,000 VND, to 37.53 million VND/ounce - 37.93 million VND/ounce for retail transactions and 37.54 million VND/ounce - 37.92 million VND/ounce for wholesale transactions. By 9 AM, the official selling price returned to 38 million VND, while the buying price was 37.60 million VND/ounce, an increase of 70,000 VND per ounce.

This morning's increase in domestic gold prices was quite rapid compared to world prices. As a result, the price difference between the two markets widened to 5.8 million VND/ounce, up from 5.54 million VND/ounce at the end of yesterday afternoon.

Turning to the international market, at the close of yesterday's trading session, the price of gold for August delivery rose by approximately $10/ounce, equivalent to 0.7%, to $1,252.1/ounce; the spot gold price reached $1,252.5/ounce, gaining more than $9/ounce. This morning in the Asian market, the price of gold continued its upward trend. At nearly 9 am, the spot gold price was $1,254.2/ounce, an increase of $1.7/ounce.

The instability in Egypt and growing concerns about a crisis in Europe led investors to turn back to gold as a safe-haven asset, which was the main reason for yesterday's rise in gold prices. Other contributing factors included a rising stock market and a weakening US dollar.

According to technical analysis, the immediate resistance level for gold is $1,267 per ounce, followed by $1,275 per ounce. The first support level is $1,236 per ounce, followed by $1,224 per ounce.

According to HNMO - TH