Gold shoots up over VND 44 million mark

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Báo QĐND English - 40 month(s) ago 5 readings

Gold shoots up over VND 44 million mark

The price of gold this morning shot up over the VND 44 million mark in Vietnam, along with its strong recovery on the global market.

By 9am, gold was sold at VND 44.25 million a tael (37.5 grams) in Hanoi, up by VND 650,000 a tael compared with yesterday closing.

Fast forward and the financial crisis of 2008 has made gold the darling of investors from hedge funds to taxi drivers, and sparked a near-doubling of prices

In Ho Chi Minh City, gold price rose by VND 500,000 compared with yesterday to VND 44.05 million a tael.

The new rates were VND 200,000 lower than last weekend.

The precious metal closed yesterday at above the VND 43 million mark after falling in three consecutive sessions.

At 5pm yesterday, the precious metal was sold at VND 43.7 million a tael in Hanoi and VND 43.59 million in HCMC, up by some VND 400,000 a tael against Thursday.

In the period between Thursday closing and yesterday closing, the metal in Vietnam has run counter to the downward trend of its international counterpart.

Particularly, while spot gold in London fell from US$1,627.4 to $1,623.6 an ounce at 4:40pm yesterday, domestic price in Vietnam rose from VND43.1 million to VND43.5 million a tael.

According to Kito, global spot gold closed yesterday at $1,642 an ounce, up by $21.8 an ounce.

With this, the gap between domestic and global prices on Friday were widened to VND 2.6 million a tael, up by VND 400,000 a tael compared with Thursday at the official exchange rate.

But the gap was only some VND 1 million at the unofficial rate.

Along with the increase in gold prices, dollar prices in both official and black markets were also on the rise.

In Hanoi, the greenback was today sold at VND 21,800 a dollar, up by VND80 a dollar compared with yesterday.

The greenback has appreciated in value by VND 430 this week.

Meanwhile, following the 11th hike during the past 20 days, the interbank dollar exchange rate was yesterday increased by VND 10 to VND 20,748 a dollar, the highest level since February, when the dong was devalued by 9.3 percent.

This rate remains unchanged today (Saturday), according to the central bank.

The dong has been weakened by VND40 so far this week and VND 120 since early this month.

Earlier in September, the State Bank of Vietnam Governor affirmed that interbank rate would not rise by over 1 percent towards the end of this year.

But it has so far increased by 0.58 percent, meaning the rate could only be hiked by at most 0.42 percent, or VND 86 a dollar, in the rest of this year.

With the new interbank rate, banks lifted their caps on the dollar selling price to VND 20,955 a dollar.

Source: Tuoitrenews

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