Gold soars by VND1million a tael in Vietnam

The global price of gold increased by US$48.7 an ounce in the trading session in New York last night, sending the price in Vietnam soaring by VND1million a tael (1.2 ounces) on September 2.

Saigon Jewellery Company, the biggest gold shop in Vietnam, bought gold at VND47.800 million and sold at VND48.100 million at 9:17 am local time in Ho Chi Minh City on September 2.

Hanoi-based Bao Tin Minh Chau Jewellery Company purchased SJC-branded gold at VND47.7 million and sold at VND48.45 million at the same time.

Investors rushed to buy gold as more disappointing unemployment figures from the US poured in.

Unemployment figures have remained unchanged since August, well below market expectations and even below Goldman Sachs negatively revised forecast. The unemployment rate in the US remained at 9.1 percent in September.

Domestic gold fetched around VND800,000 higher than global price which stands at VND47,300 million.

The price of the heavy metal, in the trading session in New York last night, reached the highest level since August 23.

Anh Quan

sggp

>   Gold recedes from VND47 million (01/09/2011)

>   Gold climbs VND1 million per tael (01/09/2011)

>   Enterprises ask for more gold import quotas (31/08/2011)

>   Gold and dollar steeply fall (30/08/2011)

>   Gold declines VND350,000 per tael (29/08/2011)

>   Central bank moves to cool gold fever (29/08/2011)

>   Gold surges to near VND48 million (29/08/2011)

>   Gold plunges 5.0% on global fall (26/08/2011)

>   Gold prices drop by VND2 million/tael (25/08/2011)

>   Domestic gold prices slump further (24/08/2011)