Gold price nears VND19 million per tael

Gold prices posted by businesses in Ho Chi Minh City have hit VND18.5-18.6 million per tael (1.2 oz), far exceeding the pre-Tet price by VND 350,000- 450,000, while the world price increased by more than $30 to $910 per ounce.

Many private jewelers on Jan. 30 opened and posted gold prices higher than prices before Tet.

Luu Quang Dien, director of Saigon Jewelry Company (SJC), said that domestic prices are rising following a global price increase yesterday, with some jewelers increasing prices to VND18.65 –18.7 million ($1,072-1,074) per tael.

Some large gold enterprises have not yet opened, which has led to some gold shops taking advantage to increase profit margins. Some jewelers offered to purchase SJC gold at VND17.8 – 17.9 million per tael.

World gold prices have risen during the Tet holidays. The world gold price is now $910 an ounce compared with $880 an ounce before Tet. Yesterday, world gold prices increased to $913 an ounce (VND19.24 million per tael).

According to Mr Dien, gold has become a hot commodity around the world in recent times with market traders scrambling around for safe heavens. (Tuoi Tre)