Domestic gold prices surpassed the VND49-million level, the highest recorded since August 2011, for the second time this year on May 18.

Gold prices at 5pm on May 18

Hanoi-based Doji Group in the morning quoted its gold price at VND49.05 million per tael for selling and VND48.75 million per tael for buying, up by VND400,000 and VND350,000, respectively, against the previous day’s prices.

Besides this, Saigon Jewelry Company (SJC) raised the buying price by VND300,000 to VND48.65 million per tael and hiked the selling price by over VND400,000 to VND49.12 million per tael.

The hike in local precious metal prices followed the global rise as foreign investors were pessimistic about the US economy, the worsening China-US relationship and potential inflation in the coming months, VnExpress news site reported.

At 9.30 a.m. (Vietnam time), the global gold price stood at US$1,761 per ounce, the highest level recorded in seven years.