Gold price maintains holiday high

Domestic gold price yesterday steadily hovered around VND38 million (US$ 1,853) per tael, ignoring the zigzagging Comex world gold price.

Shops in Ha Noi and HCM City trading bullion branded by Sai Gon Jewellery, Sacombank, Bao Tin Minh Chau Jewellery, Agribank Jewellery and Phu Nhuan Jewellery, quoted buy/sell prices at VND37.90-38.10 million per tael yesterday, unchanged on close prices last week. (One tael equals to 1.2 troy ounces).

Bullion traders estimate that domestic gold prices have risen by 32 per cent during the last 12 months.

Local gold traders reported that trading was very quiet during the holidays after the central bank late last week officially issued a circular restricting the lending and saving of gold at commercial banks.

“We will continue to observe the market and will intervene to stabilise the market,” Deputy Governor Nguyen Dong Tien told reporters in Ha Noi.

After dipping by 4 per cent on Monday, gold reached a record $1,577.4 per ounce yesterday on the world market as investors weighed the news of Osama bin Laden’s death against other factors including low US interest rates and global inflation concerns.

In line with quiet bullion trading, the US dollar was also exchanged at VND20,550-20,650 on the open market, while commercial banks quoted the dollar at VND20,570-20,720. — VNS

Tags: vietnam gold, Vietnam gold market, Vietnam gold prices