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Gold price rises further; stock down
Tuesday morning, domestic gold prices continued its gaining streak to skyrocket to a new all-time high of VND39.57 million after world prices peaked at US$1,607 per ounce.
However, gold transactions in Vietnam were weak as people had earlier sold the precious metal for money for bank deposits when prices hit the VND39 million threshold.
Investors now are procrastinating to sell the metal, expecting the price to further rise as world prices continue the gaining streak.
On a global scale, AFP reported that gold prices surged on Monday above $1,600 per ounce for the first time in history, as investors bought the safe-haven metal amid deepening debt worries in the eurozone and the United States.
Gold jumped as high as $1,600.10 an ounce in early morning trading on the London Bullion Market, as the precious metal extended its recent record-breaking surge which began on Friday.
The precious metal is regarded by most investors as a safe-haven in times of global economic turmoil.
This week, eurozone countries will seek to settle their debt crisis at an emergency summit to try and stop Greece toppling into default and dragging bigger euro economies into deeper trouble.
According to AFP, markets have slid last week as the eurozone debt crisis, which has already sunk Greece, Ireland and Portugal, showed signs of spreading to Italy and Spain.
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