Gold prices soar

Gold prices soared to highs on Wednesday morning, exceeding US$2,000 per ounce on the global market and nearing VND59 million (US$2,554) per tael (1.2 ounces) in Viet Nam.

 

On Wednesday morning, Saigon Gold and Jewelry Company listed each tael of SJC gold at VND57.5 million for buying and VND58.72 million for selling, increases of about VND700,000 for both from the previous day’s rates.

Phu Quy Group rated its buying price to VND57.35 million with a sales price of VND58.34 million per tael, while Doji Group listed the buying prices of each tael VND57.3 million and selling rates at VND58.3 million.

Listing the gold at buying and selling rates at VND57.4 million and VND58.3 million, the website of Bao Tin Minh Chau Gold Firm was sometimes unable to be accessed. A representative of the firm said a large amount of traffic caused the problem.

On the global gold exchange Kitco, gold prices hit $2,016 ($2,429 per tael).

At these rates, local gold prices were more than $100 higher than global rates.

After the bullish momentum in gold took prices above $2,000 an ounce, the rally could have another $200 to go before seeing a slowdown, according to analysts of Kitco. 

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