VNBusinessNews – Saigon Jewelry Holding Co. on Monday announced gold buying and selling prices at VND18.67 million and VND18.72 million per tael respectively, or a fall of VND130,000 per tael compared to Friday. A tael equals to 1.2 troy ounces.

Retail outlets in the city quoted gold buying-selling prices at around VND18.72 million and VND18.78 million per tael respectively since late last week. Gold surged to VND18.8 million after the Tet holiday.

The precious yellow metal closed at over US$911 per troy ounce on the world market on Friday. By 4:00 p.m. on Monday in the Asian market, gold came down to US$902 per troy ounce, VND200,000 higher than in the domestic market.

Explaining the difference, Viet Nam Gold Traders Association’s vice chairman Huynh Trung Khanh said that the price in Viet Nam was not connected to the world market and varied according to supply and demand within the country.

Khanh predicted that the world’s gold price will increase due to the global economic slump and may reach US$1,000 per troy ounce. In Vietnam, demand for gold may increase as people also consider it a safe haven.

As for the dollar, on Monday’s inter-bank rate was VND16,975. The Viet Nam Export and Import Bank quoted the exchange rate of VND17,484 on both buying and selling while the dollar on the unofficial market was VND17,600 for buying and VND17,700 for selling. (SGT)