This week, the price of gold increased by more than 500,000 VND per tael.

In the final trading session of the week, the price of SJC gold bars edged up slightly, bringing the total increase for the week to 520,000 VND/ounce.

Gold prices rose sharply this week. (Illustrative image)

At 8:30 AM on June 14th, Doji Group listed SJC gold bars at retail prices of 36.75 million VND/ounce - 36.85 million VND/ounce and wholesale prices of 36.76 million VND/ounce - 36.84 million VND/ounce. Compared to the end of yesterday afternoon, these prices increased by 20,000 VND and 60,000 VND/ounce respectively. Saigon Jewelry Company also raised its price by 20,000 VND/ounce, bringing it to 36.75 million VND/ounce - 36.85 million VND/ounce.

This week, gold prices trended mainly upwards, resulting in a total increase of 530 VND/ounce. At this time last week, businesses were commonly quoting prices between 36.15 million VND/ounce and 36.33 million VND/ounce. However, trading remained relatively slow this past week. Furthermore, the difference between domestic and international gold prices continued to be high, exceeding 4 million VND/ounce.

Currently, the world gold price, converted to Vietnamese currency, is 32.70 million VND/ounce, which is 4.15 million VND/ounce lower than the domestic price, a slight decrease compared to yesterday and a decrease of 150,000 VND/ounce compared to last week.

On the international market last night, the spot gold price was at $1,275.9 per ounce, up $2.8 per ounce; the August gold futures price rose slightly to $1,274.1 per ounce. Overall this week, the price of the precious metal increased by 1.7%, reaching its highest level since May 23rd.

Violence in Iraq is considered the main reason for the rise in the price of this precious metal, as investors are increasing their gold purchases to protect their assets.

According to a Kitco survey on gold prices for the coming week, conducted with responses from 24 people, 16 believe prices will rise, while only 3 think prices will fall, and the remaining 5 believe prices will remain stable.

According to Hanoi Moi