Vietnam gold soars on global record

The price of gold in Vietnam resumed gains, surging by 100,000 dong a tael (1.2 ounces) over the previous day on April 6 as global price unexpectedly hit a new record in the trading session in New York last night.

Sacombank Jewelry Company bought the metal at 36.76 million dong and sold at 36.89 million dong as of 8:30 am local time.

Saigon Jewelry Company, the biggest gold shop in Vietnam, purchased gold at VND36.75 million and sold at 36.9 million dong at the same time.

Meanwhile, Hanoi-based Phu Quy Jewelry bought SJC-brand gold at 36.74 million dong and sold at 36.86 million dong as of 10:15 am local time.

Earlier, the metal climbed to 37 million dong a tael.

Internationally, gold climbed to an all-time high on concerns that the US Government may call halt to its operation due to a shortage in budget. Moreover, concerns over a long war in Middle East and North Africa, and sovereign-debt crisis in Europe also boosted the appeal of the precious metal.

Gold futures for June delivery rose as much as $19.5 an ounce, or 1.4 percent, to close at $1,452.5 an ounce on the Comex in New York. Earlier, the metal touched $1,455.5 an ounce.

Gold for immediate delivery also gained by nearly $20 an ounce to $1,454 an ounce.

In Asia, the metal faintly fluctuated this morning. Spot gold was traded at $1,453.3 an ounce as of 10:20 am Vietnamese time.

Domestically, the interbank US exchange rate slid 5 dong per dollar to 20,708 dong. The highest rate applied at commercial banks was 20,915 dong.

Vietcombank bought the greenback at 20,910 dong and sold at 20,915 dong. – SGGP

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