Most enterprises hiked prices to more than VND39 million (USD1,675) per tael in the morning after spot gold climbed to six-year high of USD1,406 per ounce on the global market (one tael is equivalent to 1.2 ounces).

In Vietnam, the yellow metal slowed in the early afternoon but still hovered around the two-year high.

At 2pm, the buying/selling prices at Sai Gon Jewelry Joint Stock Company (SJC) in Ho Chi Minh City reached VND38.35 million and VND38.60 million per tael, lower than the morning quotation of VND38.75 million and VND39.05 million.

Customers buy gold at a Phu Quy store (Photo: VNA)

Prices quoted in Hanoi and Da Nang were VND38.35 million for buying and VND38.62 million for selling.

Other gold businesses also decreased their gold prices to below VND39 million per tael in the afternoon.

Bao Tin Minh Chau Jewellery and Gemstone Co Ltd quoted their buying/selling prices of JSC gold at VND38.54 million - VND38.70 million per tael, up more than VND1 million per tael compared to June 20th’s close.

Prices of its branded gold – Thang Long Dragon gold – dropped by more than VND400,000 per tael from the morning to VND38.39 million - VND38.84 million per tael in the afternoon. However, these prices were still about VND300,000 higher than that on June 20th.

Both Doji Group and Phu Quy Jewelry quoted their gold prices at around VND38.4 million - VND38.7 million per tael.

Gold prices of most companies increased more than VND1 million per tael in the last two days.

A representative of Bao Tin Minh Chau Jewellery said local gold prices had increased in line with fluctuations in the global market.

Global gold prices surged to a six-year high of more than USD1,400 per ounce. At the end of June 21st morning, spot gold prices stood at nearly USD1,406 per ounce while gold futures delivered in July 2019 recorded on Comex of the New York Mercantile Exchange were at USD1,407 per ounce.

Those gains came after the US Federal Reserve signalled it was ready to cut interest rates as early as next month, sending the US dollar lower against most currencies.

The yellow metal has gained 4.8 percent over the past five days.

Global gold prices usually climb every time the Fed announces cuts to interest rates./.