Gold price climbs to 9-month high

By Dat Nguyen June 1, 2021 | 12:32 am PT

A person holds gold pieces at a jewelry shop in Ho Chi Minh City. Photo by VnExpress/Quynh Tran.

Vietnam’s gold price Tuesday hit the highest level since mid-August last year as global rates climbed, driven by a weaker dollar and growing inflationary pressures.

State-owned Saigon Jewelry Company (SJC) sold its SJC gold at VND57.65 million ($2,484) per tael Tuesday afternoon, up 0.9 precent from Monday. A tael equals 37.5 grams or 1.2 ounces.

Jewelry company DOJI sold its gold for VND57.75 million, up 1.19 percent.

Global prices rose 0.1 percent to $1,910.24 per ounce, as the dollar index dropped 0.2 percent against its rivals, making gold less expensive for other currency holders.

Last week, data showed U.S. consumer prices surged in April, with a measure of underlying inflation blowing past the Federal Reserve’s 2 percent target.

"Gold prices are riding a very strong upward trend ... this is against the backdrop of a falling U.S. dollar and inflation concerns," Reuters quoted Margaret Yang, a strategist at DailyFX, as saying.