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Gold prices soar to four-month high
Domestic gold prices surged yesterday to a four-month high, as global prices climbed and investors fled from riskier assets.
Late yesterday, major gold dealers such as Sai Gon Jewelry (SJC), Bao Tin Minh Chau, Agribank Gold Co (AJC), Sacombank Jewelry (SBJ) and Phu Nhuan Jewelry (PNJ) were quoting buy/sell prices of VND38.1-38.27 million (US$1,852-1,860) per tael. (One tael is equal to 1.2 ounces).
A number of gold shops in Ha Noi reported busy trades.
"The price might edge back down a little at the weekend before it wakes up again early next week," AJC official Nguyen Huu Dang told Viet Nam News. "However, the domestic price is still VND300-400,000 lower than the global price."
Spot prices on the global markt yesterday edged down 0.1 per cent to $1,551.46 per ounce, off from $1,556.59 in the previous session.
"If the State Bank of Viet Nam had not applied some critical measures to hold the line on the US dollar, domestic gold prices would have hit VND39 million per tael several weeks ago," Tran Quoc Quynh, a senior member of the Viet Nam Gold Traders Asssociation, told Viet Nam News.
Quynh predicted that, over next five months, global prices would hit $1,600 per ounce and the domestic price would follow suit.
"The problem is how the Government will implement new regulations controlling the gold market," said Quynh, who noted that gold dealers were panicky in the volatile price climate.
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