Gold Price Escalates to 25-Year High
Gold prices in Vietnam continue to hit new high records as prices in the international market rocketed to their highest level over the last 25 years.
The yellow metal rocketed to US$514 from US$511.2 per ounce in the New York market on December 7.
On the back of a global surge, the local prices on the same day rose by between VND80,000 and VND100,000 per tael, or 1.2 troy ounce, to trade at VND9.63 million in Ho Chi Minh City and VND9.65 million in Hanoi.
An official from the Vietnam Export Import Commercial Bank (Eximbank) explained that the bullion price was on the rise because international investors were buying gold for hoarding and diversifying their portfolios.
The global prices continuously reached new highs during the last two months, he said.
The local gold price dropped to its lowest level this year on June 1, when it was traded at around VND8.1 million per tael.
P.V
Vietnamese
