Gold Price Rises Sharply
Gold prices on the domestic market witnessed a drastic increase, rising by VND150,000-160,000/tael, compared with those before the Lunar New Year.
Heated by world market gold prices, the highest over the past seven months, free market 99.99 per cent gold was traded at VND12.7-12.8 million on February 22, while SJC gold was at VND12.72-12.84 million/tael.
Vietnam Gold Association forecast that gold prices on the world market may hit USD US$700/ounce, meaning that gold price will likely continue to surge.
According to Peter Schiff, Euro Pacific Capital Director, the hike in gold price is attributed to speculation about the Fed raising interest rates.
Besides, crude oil prices resumed rising reaching US$60/barrel, and geopolitical tensions in the world arena are decisive factors that pushed up the gold prices recently.
Feb 21 gold price in New York’s four goods trading centers rose drastically by US$23 to US$648/ounce, the record in the past seven months after sharply decreasing in the earlier trading session.
Meanwhile, in Hong Kong, at closing time Feb 22, gold price fluctuated at US$678.10-678.60/tael, up US$19/ounce compared with the previous trading. (VNA)
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