Gold prices hit VND37 million per tael

At 9:10 am on April 8, SJC gold in Hanoi was traded at VND36.95-37.04 million per tael, up VND90,000 per tael compared to the previous day.

In HCM City, Da Nang, Nha Trang and Can Tho, gold prices hovered between VND36.95 million -37.02 million per tael while SBJ gold was listed at VND36.93-36.99 million per tael.

Although the State Bank of Vietnam said that people have the right to buy, deposit and withdraw gold bullions at credit organizations, there is no positive sign of trading in the domestic gold market. Investors and people do not want to buy gold at such a high price.

Meanwhile, gold prices rose to US$1,462-1,463 per ounce in the Asian market and to US$1.466 per ounce in New York on April 7.

The increase in gold prices was attributed to the gloomy securities market in the US, the EU debt crisis rising rates of inflation in the world and a recent powerful 7.3 –magnitude earthquake in the northeastern Japan.

Despite this fact, the SPDR Gold Trust had to purchase 11.75 tonnes, bringing its gold reserves to 1,217.21 tonnes on April 7. – VOV

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