Gold prices surpass VND19 million/tael mark

The price of gold saw a sharp increase to VND19.3 million per tael on Feb. 12, up VND300,000/per tael compared with transactions on the previous day.

According to domestic silver and gold traders, the sudden rise in the gold price is attributed to a rapid increase in the world market price which is VND500,000-600,000 per tael higher than the domestic price.

A large number of people sold gold on Feb. 12 as they bought it at a much lower prices four months ago. Phan Thanh Dat, a sales manger of Bao Tin Minh Chau shop in Hanoi, said that about 98 percent of transactions at his shop on Feb. 12 were related to selling, with a volume of around 700 taels.

A day earlier, SJC gold was traded at VND18.95 million per tael, or VND300,000 per tael higher than the previous day. On the free market, the gold price went up to VND18.98 million per tael, while the world price stood at US$921 per ounce, up US$26 per ounce.

According to the Vietnam Import Export Commercial Joint Stock Bank (Eximbank), information from the US Department of Commerce’s plan on stabilising the financial market will not inspire brighter prospects for the global economy within investment circles. International investors will continue to purchase gold as they think the plan is unfeasible.

VOV

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