Local gold prices continued to rise considerably on January 6, recording an increase of nearly VND1 million per tael over the past three days, surpassing the VND57 million per tael mark, the highest level seen since September last year.

The opening of the market witnessed SJC gold at the Saigon Gold, Silver and Gemstone joint stock company purchased for VND56.65 million per tael and sold at VND57.2 million per tael, marking an increase of VND50,000 per tael in comparison to trading on the previous day.

Simultaneously, the DOJI Gold and Gems Group were trading gold at VND56.7 million for buying and 57.25 million for selling per tael, representing a similar rise of VND250,000 per tael from January 5 transactions.

Furthermore, gold firm Bao Tin Minh Chau listed its prices of the precious metal at VND56.76 million for buying and VND57.2 million for selling.

The recent fluctuations seen in the domestic gold market can largely be attributed to the impact of the global gold market which has seen prices rise by US$10 per ounce, reaching US$1,952 per ounce during the opening session of January 6.

Experts believe that gold prices will continue to rise in the short term and they will start to nosedive after US President-elect Joe Biden is sworn in and the COVID-19 pandemic shows signs of abating.