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.
A tael equals 1.2 troy ounces.
In the morning, Gold was offered at the Hanoi-based Saigon Gold and Silver Co (SJC), Phu Nhuan Jewelry Co (PNJ) and Sacombank Jewelry Co (SBJ) at 28.96-29.02 million VND (around 1,500 USD) per tael, up 150,000 VND (7.77 USD) from Wednesday 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 City and 29.07 million VND in Hanoi by afternoon, and Bao Tin Minh Chau prices followed suit to 29.04 million VND by 4pm.
Pham Ngoc Toan, an analyst of International Gold Investment Co (IGI), attributed the hike in domestic gold prices to higher prices on the world market, which passed a two-month high of 1,240 USD per ounce early August 26 morning.
Toan said people were shifting investments from foreign currencies like the euro and the US dollar to gold on worries of a double-dip recession in the US and slowing growth rates in other major economies.
The central banks of 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./.
A tael equals 1.2 troy ounces.
In the morning, Gold was offered at the Hanoi-based Saigon Gold and Silver Co (SJC), Phu Nhuan Jewelry Co (PNJ) and Sacombank Jewelry Co (SBJ) at 28.96-29.02 million VND (around 1,500 USD) per tael, up 150,000 VND (7.77 USD) from Wednesday 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 City and 29.07 million VND in Hanoi by afternoon, and Bao Tin Minh Chau prices followed suit to 29.04 million VND by 4pm.
Pham Ngoc Toan, an analyst of International Gold Investment Co (IGI), attributed the hike in domestic gold prices to higher prices on the world market, which passed a two-month high of 1,240 USD per ounce early August 26 morning.
Toan said people were shifting investments from foreign currencies like the euro and the US dollar to gold on worries of a double-dip recession in the US and slowing growth rates in other major economies.
The central banks of 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./.
