Domestic gold increased by more than one million dong

After one hour of trading, each tael of SJC gold bar increased by 1.1 million VND compared to the end of yesterday, the highest since September 2013.

Seeing the world market increase by nearly 12 USD right at the opening of the Asian session this morning, domestic gold businesses also strongly adjusted their buying and selling prices. Accordingly, right at the opening at 8:35, the price of SJC gold bars was listed by DOJI Gold and Gemstone Group at 37-37.5 million VND, an increase of 600,000 VND compared to the closing price on July 5.

About an hour later, the company increased the price by 500,000 VND per tael, bringing the selling price to 38 million VND, and the buying price to 37.5 million VND. Thus, each tael of gold now, compared to yesterday's closing price, has increased by 1.1 million VND. DOJI also widened the buying and selling margin by 500,000 VND.

At the same time, the gold price at Phu Nhuan Jewelry Company (PNJ) was also bought and sold at 37.25-37.95 million VND. The difference between buying and selling was 700,000 VND per tael.

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Over the past 10 days, since the Brexit event, the world and domestic gold prices have continuously increased. Up to now, each ounce of international gold has increased by more than 100 USD (about 2.7 million VND per tael), while SJC gold bars have increased by nearly 4 million VND. Due to the faster and stronger increase in domestic prices, from being a few hundred thousand lower than the world price, this morning it has increased by 1.1 million VND.

The rapid and strong fluctuations in domestic gold prices have created confusion for many investors. "The market is currently forming a chaotic herd mentality with sellers and buyers intertwined," DOJI said.

According to DOJI Group, in the past 3 sessions, the number of buyers has been slightly higher than the number of sellers. However, the number of buyers is mainly small-scale hoarding transactions, while the number of sellers is larger. "To minimize risks and ensure safety in transactions, we have widened the price range," the company said.

PNJ representative said that this morning, the selling price of gold bars reached 38 million VND and was the strongest fluctuation in the past 2 years. Therefore, this unit recommends that investors need to be very careful in their decisions, avoiding the situation of buying high and selling low.

On the foreign exchange market, the USD price turned down slightly this morning. Accordingly, each US dollar was listed by Vietcombank at 22,265-22,335 VND, down 5 VND compared to yesterday. Other banks have similar prices.

According to VNE