Gold continues to glitter in Vietnam
Vietnamese gold prices continued to track relentlessly rising international prices, reaching a 20-year high of over VND9 million (US$..) per tael Friday.
Saigon Jewelry Holding Co. (SJC) raised its selling price by VND50,000-60,000 ($3.2-3.8) per tael Friday to VND 9.02-9.04 mil (over $570).
Global prices rose Friday by $4.85 an ounce to $488.1, an 18-year high. In the last couple of days, they have gained $15.35 an ounce.
“News about the Russian Central Bank expanding its gold reserve is just a temporary cause,” Huynh Trung Khanh, director of consultancy V.G.C and former chief representative of the World Gold Council (WGC) in Vietnam, said. The real cause was the imbalance between supply and demand, he explained.
The WGC said global demand in the third quarter this year was 838 tons, up 7 percent over last year’s same period. The demand is expected to be even higher in the last quarter.
Vietnam is expected to consume some 70 tons this year, up around five tons over last year.
The current Vietnamese prices were, however, still some VND400,000 ($25.3) per tael lower than global prices, Khanh added.
He predicted that on the international market, the price would go past $500 an ounce by next week, pushing the domestic price to VND 9.6 mil ($608).
Vietnam uses the “tael” as a weight measurement for gold, with 0.75 tael being equivalent to one ounce. One US dollar Friday was worth almost VND16,000.
Reported by Thanh Xuan – Translated by Ngoc Hanh.
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