Gold Prices Hit New High
The local gold price jumped to a new high on November 14 after it was priced at VND8.93 million (US$565.2) per tael, or 1.2 troy ounces, according to market analysts.
However, the local new record is still lower than the world’s gold prices, calculated at about VND100,000 per tael.
The hike in the price of the yellow metal has followed the trend of the international market where the price has increased to US$471.35 from US$469.5 per ounce on the same day.
Market analysts explained that many investment funds have been buying a big amount of gold amid the doubt over the decline of the Euro currency following the unstable social situation in France.
The domestic bullion price once hit all-time high on September 21, when it stood at VND8.92 million per tael and repeated that level on October 27.
The gold price dropped to its lowest level this year on June 1, when it was traded at around VND8.1 million per tael.
VNA
Vietnamese
