Global Hike Pushes Domestic Gold Price up

Global Hike Pushes Domestic Gold Price up 

Gold price bounded back yesterday in the local market to stay at VND8.2 million (US$522.3) per tael (1.2 troy ounces), VND100,000 higher than that before the country’s traditional Lunar New Year festivals (February 8-11).

Gold traders said the upward trend of gold prices follows international markers where it climbed to US$421 an ounce on February 13.

However, according to some local traders, world gold price could not go higher due to the strengthening of the US dollar against the euro.

Vietnam is estimated to consume 63 tonnes of gold this year (with around 80 per cent imported), compared to 60 tonnes last year and 39 tonnes in 1995, according WGC.

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