Gold Price Hits New Roof in Vietnam
Gold price surged to a new record high with buy/sell prices at VND17.79 million-VND17.93 million/tael by Bao Tin Minh Chau Jewelry Co at 11 am February 21, VND200,000 higher than those in the afternoon of the previous day.
Sai Gon Jewelry Co (SJC) meanwhile listed buy/sell prices of VND17.78 million-VND17.90 million per tael.
The prices have increased over 12 per cent since the beginning of the year due to the sharp increase in prices of crude oil, which is over US$100 per barrel, and the devaluation of the USD.
The price hike has also been influenced by soaring global gold prices, which increased by US$8 to US$934.6 per ounce in New York February 20 and by US$14.4 to US$940.9 per ounce in Hong Kong February 21.
SJC analysts forecast that gold prices are expected to surpass the VND18 million the benchmark in the domestic market as the prices at the world market would hit US$950 per ounce in the coming time. (Vietnam Economic Times)
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