Domestic gold prices skyrocketed May 12 to 28.25 million VND (1,479 USD) per tael, as global prices smashed their way to a new record of over 1,245 USD an ounce on the day and local traders rushed to cash in.
The precious metal soared in late morning trade on the London Bullion Market as investors sought shelter from the Eurozone debt crisis.
In HCM City, Sai Gon Jewelry Co (SJC) was selling gold at 28.1-28.2 million VND (around 1,475 USD) per tael, while SJC agents in Hanoi were selling as high as 28.25 million VND per tael.
Gold leaf at Sacombank was up by 210,000 VND on May 12 morning to 28.14 million VND.
Bao Tin Minh Chau Jewelry Co was listing buy/sell prices at 28.18- 28.25 million VND, causing many investors to rush. A number of gold shops reported buying a large volume of gold from investors.
Some analysts were attributing the spike in domestic prices to a rumour that SJC would dump gold on the market as a price-control measure.
However, a source from the State Bank of Vietnam denied that SJC had been asked to take the action.
Hanoi gold dealers agreed, saying that, if SJC sold in large quantities, it would then be forced to turn around and import a large volume of gold to meet subsequent demand, a move that would cause heavy losses across-the-board to dealers and traders./.
The precious metal soared in late morning trade on the London Bullion Market as investors sought shelter from the Eurozone debt crisis.
In HCM City, Sai Gon Jewelry Co (SJC) was selling gold at 28.1-28.2 million VND (around 1,475 USD) per tael, while SJC agents in Hanoi were selling as high as 28.25 million VND per tael.
Gold leaf at Sacombank was up by 210,000 VND on May 12 morning to 28.14 million VND.
Bao Tin Minh Chau Jewelry Co was listing buy/sell prices at 28.18- 28.25 million VND, causing many investors to rush. A number of gold shops reported buying a large volume of gold from investors.
Some analysts were attributing the spike in domestic prices to a rumour that SJC would dump gold on the market as a price-control measure.
However, a source from the State Bank of Vietnam denied that SJC had been asked to take the action.
Hanoi gold dealers agreed, saying that, if SJC sold in large quantities, it would then be forced to turn around and import a large volume of gold to meet subsequent demand, a move that would cause heavy losses across-the-board to dealers and traders./.
