Gold prices jump again

Local gold climbed VND330,000 (US$19.4) per tael Saturday to closeVND16.85 million ($989) a tael or 1.2 ounces, said Saigon Jewelry Company.

Gold prices on the global market also increased $57 per ounce Saturday to reach $801.6 per ounce.

Vietnam Gold Trading Association deputy chairman Huynh Trung Khanh said the spike in gold was sparked by global oil price hikes.

Khanh said the US Federal Reserve would probably cut loan interest rates from 1.5 percent to 0.5 percent at its next meeting.

Thanh Xuan

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