Domestic gold hits VND39.2 million

The domestic gold price was at its highest price this morning at VND39.2 million (US$1,912) per tael, mostly driven by the global spot gold price reaching a record high after 11 straight day of gains on persistent worries about the euro zone debt crisis.

Sai Gon Jewellery, Bao Tin Minh Chau, Agribank Gold and the Jewellery Co , the Sacombank Jewellery Co, the Phu Nhuan Jewellery Co and Doji quoted prices of VND39.15-39.22 million per tael (one tael equal to 1.2 ounces).

The gold price was up VND1.2 million per tael, or 3.15 per cent, against last Monday which is still VND450,000 lower than global price.

Gold dealers, who predicted the domestic gold price would keep surging this week, reported sellers outnumbered buyers. Both retail and institutional investors took profits on the high price.

Spot gold rose to an all-time peak of $1,598.41 and eased to $1,595.91 an ounce, up 0.2 per cent from the previous close.

The US dollar/VND exchange rate remained unchanged at VND20,550-20,600 per dollar while the interbank rate is unchanged at VND20,608.-VNS

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