Vietnam’s gold prices skyrocket along with global trend

Vietnam’s average gold prices closed at 41.44 million Vietnamese dong (VND) (2,014 U.S. dollars) a tael, equivalent to 1.2 ounce on Friday, posting the ever highest record and an increase of 50,000 VND (2.43 U.S. dollars) a tael against the previous trading session.
In the capital city Hanoi, the Bao tin Minh Chau gold trading company quoted buying gold price at 41.32 million VND (2,008 U.S. dollars) a tael on Friday and selling gold price at 41.44 million VND (2,014 U.S. dollars) a tael.

Most gold shops in the country’s southern Ho Chi Minh City quoted buying gold price at 41.31 million VND (2,008 U.S. dollars) a tael and selling gold price at 41.41 million VND (2,013 U.S. dollars) a tael on Friday, an increase of 250,000 VND (12.15 U.S. dollars) against previous trading session.

During the week, domestic gold price soared to an ever high record of 41.44 million VND (2,014 U.S. dollars) per tael on Friday due to skyrocketing global prices on the same day up to 1, 684.9 U.S. dollars per ounce, over the old record of 1,628 U.S. dollars per ounce made last Thursday. The domestic lowest gold price this week was traded at 39.95 million VND (1,942 U.S. dollars) on Monday.

Domestic gold prices soared along with the global trend due to worries about the public debt crisis in European countries and even after the debt ceiling in the United States was lifted on August 2, saving it from a default. Investors rushed to gold as a safe haven. For the first time in the past 10 years, South Korea bought 25 tons of gold to its reserves. Reserves of the SPRD Gold Trust rose to more than 1,286 tonsthe highest level since late 2010.

Insiders forecast global gold price would reach 1,730 U.S. dollars per ounce by the year end, and up to 2,000 U.S. dollars in the next nine months, while domestic investors almost witnessed a monthly increase of almost 10 percent this week.
Meanwhile, the State Bank of Vietnam posted an inter-bank rate at 20,608 VND/USD on Friday, the lowest level since February.
The USD price at commercial banks is listed at 20,570 VND per one dollar on buying price, and 20,650 VND on selling price on Friday. – Xinhua

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

Posted by VBN on Aug 6 2011. Filed under Gold. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry