Business

Gold passes 29 million VND per tael

Domestic gold prices surpassed 29 million VND (1,500 USD) per tael on August 26 – the highest level in the last two months – tracking a strong rebound in global prices.
Domestic gold prices surpassed 29 million VND (1,500 USD) per tael onAugust 26 – the highest level in the last two months – tracking a strongrebound in global prices.

A tael equals 1.2 troy ounces.

In the morning, Gold wasoffered at the Hanoi-based Saigon Gold and Silver Co (SJC), Phu NhuanJewelry Co (PNJ) and Sacombank Jewelry Co (SBJ) at 28.96-29.02 millionVND (around 1,500 USD) per tael, up 150,000 VND (7.77 USD) fromWednesday afternoon.

Meanwhile, Bao Tin Minh Chau was trading its Rong Thang Long-brand gold at 28.9-29.02 million VND.

SJC's prices reached 29.05 million VND (1,505 USD) per tael in HCM Cityand 29.07 million VND in Hanoi by afternoon, and Bao Tin Minh Chauprices followed suit to 29.04 million VND by 4pm.

PhamNgoc Toan, an analyst of International Gold Investment Co (IGI),attributed the hike in domestic gold prices to higher prices on theworld market, which passed a two-month high of 1,240 USD per ounce earlyAugust 26 morning.

Toan said people were shiftinginvestments from foreign currencies like the euro and the US dollar togold on worries of a double-dip recession in the US and slowinggrowth rates in other major economies.

The central banksof China and India were also increasing their gold reserves,further pushing up gold prices, Toan said.

"Gold prices will continue climbing in the short term," he predicted./.
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