The domestic SJC gold price moved higher to surpass VND51 million per tael for the first time on July 21, marking its highest level since August 2011.

The latest peak comes after the Saigon Gold, Silver and Gemstone joint stock company quoted its SJC gold price for the opening transaction session at VND50.65 million per tael for selling and VND51.03 million per tael for buying. These latest prices represent rises of VND100,000 for both buying and selling, respectively, from the previous day.

Elsewhere, the DOJI Gold and Gems Group quoted prices at the same level with purchasing prices between VND50.68 million and VND50.88 million per tael, an increase of VND80,000 in comparison to July 20 transactions.

The recent fluctuation in domestic gold prices can be attributable to the impact of the global gold market, with July 21 morning witnessing gold prices drop by US$3.1 to US$1,817.1 per ounce from July 20 transactions.

With the number of novel coronavirus cases continuing to rise globally, financiers are increasingly seeing gold as a safe investment, making it the main factor behind the sharp increase in the price of the precious metal in recent times.

In the forex market, the Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank) moved to list the exchange rate at VND23,070 per US$1 for buying and VND23,280 per US$1 for selling on July 21, marking drops of between VND10 and VND20 per US$1 from the previous day.