Vietnamese gold prices reach historic high

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Buyers at a gold shop in Ha Noi. — Photo baogiaothong.vn

HÀ NỘI ­— Gold prices have climbed to a historic peak in Việt Nam, reaching nearly VNĐ64 million (US$2,782) per tael, as international prices hit a near nine-month high after Russia ordered troops into breakaway regions of eastern Ukraine.

In the early afternoon of February 22, Saigon Gold and Jewelry Company sold each tael of SJC gold at VNĐ63.92million, while other firms asked for similar prices. Never before has the price of gold in Việt Nam been so high. The previous high was on February 7, when each tael was valued at VNĐ63.5 million.

On the same day, Phú Quý Group rated the precious metal at VNĐ63.83-63.2 million (selling-buying) while Doji Group listed theirs at VNĐ63.6 million and VNĐ62.9 million (buying – selling). Bảo Tín Minh Châu Gold Firm in Hà Nội increased rates to VNĐ63.8 million and VNĐ63.3 million.

On the global gold exchange of Kitco, each ounce of gold was rated at $1,900. Experts said the situation intensified as Russia ordered troops into breakaway regions of eastern Ukraine, leading to demand for the safe-haven bullion, according to Reuters.com.

Jeffrey Halley, a senior market analyst at OANDA told media: “With the situation deteriorating seemingly by the day in Eastern Europe, there is very little reason to be negative on gold at the moment.”

Converting $1,900 per ounce to $2,289 for a tael (1.205 ounces), each tael of gold in Việt Nam is nearly $500 higher than the world prices.

Seeking more clients buying gold yesterday, Bảo Tín Minh Châu Jewellery and Gemstone Company (BTMC) advised its clients to be careful about their trading decision and to watch prices, as the metal’s prices could fluctuate in the coming days. — VNS

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