Gold Prices Shoot Up in Vietnam
Gold market in Vietnam has been heated up by the fire in the world market where gold prices sharply increased to US$945 per ounce in the early morning on February 17, the online newspaper VnExpress reported.
The prices quoted by gold companies had climbed to VND19.3 million by noon February 17, an increase of VND200,000 per tael over the opening price level.
The Saigon Jewelry Company changed its quotations four times this morning with the highest level being VND19.2 million/19.3 million (buying/selling) at 11.30 am.
Phuong Hoang PNJ-DAB gold plates of the PNJ company were bought at VND19.03 million per tael and sold for VND19.12 million per tael in Hanoi on the morning of February 17, compared with VND18.98 million per tael and VND19.07 million per tael on February 16.
On ACB trading floor, the successful trading price was reportedly VND19.98 million/tael at 11 am on February 17.
Domestic gold prices are currently VND700,000 per tael lower than the world prices.
The rises are attributable to the fact that world gold prices exceeded the US$940 per ounce level on February 16 as G7 group ministers predicted the economic recession will last throughout 2009.
Analysts say investors will quickly diversify their portfolios and protect their assets by purchasing gold, which is likely to push up gold prices even more. (VnExpress)
Vietnamese
