Saigon Jewelry Holding Company, Vietnam’s largest gold trader, said gold prices had risen above Thursday’s VND23.85 million per tael. A tael equals 1.2 ounces.
On the global market, gold held steady around $1,090 an ounce after it rallied to a record high of $1,087.8 Tuesday on news that the International Monetary Fund had sold 200 tons of gold to India.
Gold traders and analysts said the price hike in Vietnam was driven by psychological factors and speculation, not by the global market. It was really difficult to buy more than 100 taels of gold as growing demand was outstripping local supply, Tuoi Tre newspaper said in a report Friday.
Nguyen Cong Tuong, deputy head of the sales department at Saigon Jewelry, told local newswire VnExpress Friday that the gap between selling and buying prices were often kept between VND60,000 and VND70,000. But now it has widened to more than VND100,000, which means local prices were not stable, he said.
Source: Thanh Nien, Agencies |
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