Domestic gold price Monday retreated to around VND38 million a tael, down some VND50,000-120,000 a tael against morning’s price, after the US dollar devaluated some VND50-100 against the dong in the afternoon.
The price of gold bullion produced by Saigon Jewelry Co, Vietnam biggest gold trader, was traded at VND37.95-38.05 a tael in Hanoi and VND38.03-38.09 in Ho Chi Minh City then. World gold spot then fell $3 against morning to $1.536 an ounce.
A tael is equal to 1.2 troy ounces.
The bid and ask price of the precious metal surged to some VND38.13-38.18 million a tael in the morning, up VND30,000-80,000 a tael over last weekend, but was still VND300,000 lower than international price.
The world gold price for spot delivery on Kitco.com at 9 am local time was quoted at about $1,539.5 per ounce.
This was the highest price level of gold since the end of April 2011.
The greenback at Vietnamese banks depreciated some VND30-50 against last weekend.