|
Gold hits record, but who’s buying?
The domestic price for gold rose 0.99 per cent to a new average record high of VND20.3 million (US$1,141) per tael yesterday.
The rise followed the uptrend in the global price for the precious metal and a record low for the US dollar.
The record was the climax to a trend of several days, when the price of domestic gold awoke to touch VND20.25-20.35 million ($1,138-1,144) per tael (one tael equals 1.2 troy ounces) - up about an average VND150,000 against Wednesday and about VND200,000 per tael higher than the world price, ignoring tax and fees.
Sai Gon Jewellery Holding Co. and Bao Tin Minh Chau Jewellery Co. (BTMC) listed the buying and selling price at about VND20.26-20.34 million per tael, up VND160,000-180,000 against Wednesday.
Sacombank, Asia Commercial Bank traded gold at about VND20.30 million per tael, up VND150,000.
PNJ-DAB gold leaf and AAA gold leaf were traded at about VND20.27-20.34 million per tael.
Gold exchanges in Ha Noi - such as ACB, SBJ and Vina VJC - reported noisy trading with 'not-so-big' orders popular at about VND20.15-20.20 million per tael.
Gold dealers on Tran Nhan Tong Street reported hectic trading from early in the day with numerous price enquiries.
But PNJ and BTMC reported a thin volume of speculator sales unlike late March when domestic gold set the previous average record high of VND20.15 million per tael.
"There is almost no buying and selling is rather modest," said a BTMC shop attendant. "A large volume of gold was sold when gold reached about VND20 million per tael late last week."
Many speculators were prepared to sell but others were hesitant.
"About VND20.25 per tael is high and very profitable, but I can't help wonder if it won't go higher," said a customer at the BTMC gold shop on Tran Nhan Tong Street.
Another advised: "You should never be too greedy. You will have regrets if gold declines over the next few hours."
The World Gold Council says global purchases rose 38 per cent in the first quarter, led by investment demand that exceeded jeweller usage for the first time since at least 2004.
Investment purchases more than tripled to 595.9 tonnes while jewellery demand fell 24 per cent to 339.4 tonnes.
The world price rose to $941.2 per ounce yesterday, up 0.43 per cent from Wednesday's notional close in New York.
Dollar tumbles
The US dollar plunged to its lowest in almost five months against the euro and a basket of six major currencies yesterday.
The State Bank of Viet Nam listed the interbank rate at VND16,935 per US dollar, down VND2 against Wednesday.
Vietcombank listed buying and selling at VND17,778-17,782 per dollar from VND17,780-17,784 on Wednesday.
VietNamNet, VietNamNews
|
