Gold price at nearly 20m dong/oz

VNBusinessNews – The domestic gold price, today, February 23 was sustainable at 19.88 million dong per ounce so people stopped selling gold to gauge the movement in the market.

SJC gold price in Saigon Jewellery Co was listed at 19.78-19.88 million dong per ounce (buying and selling price), dipping 10,000 dong/ounce from the last weekend.

Meanwhile, the price of Thang Long pieced gold rose by 20,000 dong to close at 19.74 million dong (buying price) and 19.82 million dong/oz (selling price).

Given assessment by Huynh Trung Khanh—senior advisor of World Gold Council in Vietnam, the gold price surged from the middle of February 2009 because the investors feared that it would take some months for the US’s US$789 billion stimulus package to take effect and decided to keep gold.

At present, the gold price in Asia is being traded at US$991.1 per ounce.

After the sessions on February 20 ended, the gold price passed US$1,000 per ounce in New York market and closed at more than US$1,002 per ounce.

Many governments in the world are reducing interest rates and providing trillions of US dollars to deal with the global economic crisis while investors are buying gold as an effective tool to curb inflation.

In the free market, the US dollar trading price was unchanged at 17,620 dong-17,650 dong.