Local gold prices inch up, global prices hit record

Domestic gold prices rose to 37.64 million dong (US$1,818.97) per tael at the end of today, a 160,000 dong ($7.73) increase over the end of yesterday.

World prices hit a record of $1,532 per ounce, up by $22.

The domestic prices sometime jumped to 37.75 dong ($1,824.29) million per tael during the day but did not stay for so long owing to a strong selling force, fuelled by rapidly decreasing exchange rates.

The dollar traded at 20,565 dong at Eximbank, or the Vietnam Export Import Commercial Joint Stock Bank, at day-end, down 110 dong from late yesterday.

Meanwhile, banks bought the greenbacks at 20,486-20,489 dong per dollar, a 120 dong slump.

Jewellery companies say domestic prices are 500,000 dong ($24.16) cheaper than global prices despite strong demand from local buyers.

This is due to poor liquidity of the local market, according to local dealer Sacombank Jewellery Limited Company which believes that there will be a gradual balance when international quotations go down.

The record high in world gold prices followed a FED move to maintain interest rates at 0-0.25 percent.

International gold prices are expected to reach $1,550 per ounce soon, analysts say.

1 tael = 1.21 troy ounces.

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