The price of gold in Vietnam rocketed to an all-time high of above VND58 million per tael on July 28 due to the rising momentum in the global gold price.
After making a new record, the precious metal quickly cooled down again.
Saigon Jewellery Company bought gold at VND55.75 million per tael and sold at VND57.27 million per tael at 4.30 p.m. in HCM City, down nearly VND1 million per tael compared to that in the early morning but still up VND300,000 per tael in buying rate and VND350,000 per tael in selling rate compared to the previous day.
At the same time in Hanoi, Bao Tin Minh Chau Jewellery Company reduced its buying rate by VND350,000 per tael to VND55.1 million per tael but increased its selling rate by VND300,000 per tael to VND57 million per tael. Thus, this gold trader has widened the gap between the buying and selling rates to nearly VND2 million per tael.
However, the Vietnam Maritime Commercial Joint Stock Bank still listed the gold price at VND56.06 million per tael for buying and VND58.2 million per tael for selling, down VND600,000 compared to that in the early morning.
The global gold price continued to strengthen $36 an ounce compared to the previous trading session to $1,976 an ounce on July 28 Vietnamese time, sometimes even jumped to $1,981 an ounce, the highest level in history.
Hence, the global bullion price has risen 11.5 percent in the past month. After conversion, the global gold price was equal to VND54.4 million per tael, nearly VND4 million per tael lower than the domestic gold price.
After two sharp declining trading sessions, Vietnam’s stock market made a U-turn when the cash flow returned to the market for bottom-fishing. The VN Index received a strong cash flow so it rebounded right at the beginning of the trading session and continued to climb until the end of the trading session. Strong buying demand helped most of the stock groups bounced back robustly. The VN Index recouped 28.2 points, or 3.59 percent, to close at 813.36 points.
Ending the trading session in the northern bourse, the HNX-Index gained 5.13 points to finish at 107.98 points with 126 stocks advancing, 39 declining, and 39 standing still.
Market liquidity reached VND5.9 trillion, a decrease of 39 percent compared to the previous trading session. Foreign investors continued to net buy for nearly VND200 billion in the market.