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Domestic gold prices on May 7 rose sharply by VND400,000/tael against the previous day due to a strong increase in the world’s gold prices.

At 9.05am, only twenty minutes after opening, the price of gold started to hover around VND27.15-27.25 million/tael.

At 9.30am, Thang Long Dragon gold from the Bao Tin Minh Chau Company was listed at VND27.1-27.25 million/tael, up VND410,000/tael compared to transactions on May 6.

In the Hanoi free market, SJC gold was sold at VND27.35 million/tael, VND100,000/tael higher than the price in Ho Chi Minh City. Meanwhile, the purchasing price of gold stood at VND27.15 million/tael.

The sudden increase of domestic gold prices was caused by a constant increase in the world’s gold prices.

In the Asian market, the price of gold at 9.45am on May 7 was transacted at US$1,199.5-1,200.3 per ounce.

On May 6, in the New York market, the price of gold hit nearly US$1,210 per ounce, a five-month record high.

The gold market is being affected by the debt crisis in Greece and instability in Europe’s monetary market.

(CPV/VOVNEWS)