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Gold prices jump to nearly VND43 million per tael
Gold prices in most domestic jewelry shops rose by VND 1million per tael at the opening session of January 3, while the world prices increased by $20 per ounce.
Gold was listed VND42.50-42.80 million per tael at Saigon Jewelry Company (SJC), up VND1 million compared to late last week.
In Hanoi, DOJI Group sold SJC at VND42.93 million per tael, up VND480,000 compared to December 31 and purchased at VND42.78 million per tael, up VND530,000.
There was a buying spree among residents in Hanoi and Ho Chi Minh City when the price of gold tumbled to nearly VND41 million per tael.
Gold prices hit a record of VND49 million per tael some times in 2011, but dropped sharply later in the year.
The report that Iran is producing its first nuclear fuel rods will boost purchasing gold as a safety channel, especially when the US and some other countries may impose sanctions on Iran.
Late last year, taking advantage of the decline in gold prices, a series of countries, including Belarus, Turkey, Tajikistan, Macedonia, Mauritius and Morocco bought gold to raise their reserves, according to the International Monetary Fund (IMF). For example, Turkey increased their gold reserves from 4.429 million ounces to 5.758 million ounces.
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