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Gold prices soar again
The domestic price of gold on January 11 increased by VND20,000/tael compared to the previous day.
SJC gold in Hanoi at 10am stood at VND35.70-35.80 million/tael. Meanwhile, in Ho Chi Minh City, Da Nang, Nha Trang and Can Tho, gold prices hovered around VND35.70-35.76 million/tael, up VND20,000/tael against January 10.
The price of gold in New York at closing time on January 10 was listed at US$1,375 per ounce, rising by US$7 per ounce compared to the previous transaction. The main cause of increasing gold prices was due to public worries that the debt crisis in Europe would be growing from bad to worse.
Portugal was facing rising pressure from Germany, France and other countries for rescue packages from the European Union (EU) and the International Monetary Fund (IMF) in order to prevent the spread of the debt crisis in the EU. The scale of rescue packages for Portugal may reach EUR60-80 billion.
Against the background, SPDR Gold Trust, the biggest gold investment fund in the world, bought 1.52 tonnes of gold on January 10.
According to BNP’s expert, Paribas Anne-Laure Tremblay, gold prices in 2011 will continue the upward trend because of growing worries about the public debt crisis.
Societe Generale Corporate and Investment Banking, holds that the upward trend will stop when the price of gold exceeds US$1,400 per ounce. As the purchasing power from India and China often grows when gold drops in value, the price of gold will depend much on those two countries.
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