Gold prices shoot up

The domestic gold price has surged by VND50,000 per tael to hit VND19.12 million per tael after the world gold price sharply increased to US$945 per ounce in the early morning on February 17 despite a rise in the value of the US dollar over the euro for the second time.

Phuong Hoang PNJ-DAB gold plates of the PNJ company were bought at VND19.03 million per tael and sold for VND19.12 million per tael in Hanoi on the morning of February 17, compared with VND18.98 million per tael and VND19.07 million per tael on February 16.

Domestic gold prices are currently VND700,000 per tael lower than the world prices.

The rises are attributable to the fact that world gold prices exceeded the US$940 per ounce level on February 16 as G7 group ministers predicted the economic recession will last throughout 2009.

Experts say investors will quickly diversify their portfolios and protect their assets by purchasing gold, which is likely to push up gold prices even more.

VietNamNet/VOV

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