Gold Price Continues to Rise

Saigon Jewelry Gold Co. (SJC) traded gold on April 6 at VND11.40 – 11.42 million (US$718) a tael (1.3 ounce) in major cities like Ho Chi Minh City, Ha Noi, Da Nang, and Can Tho, a increase of VND160,000 (US$10.7) to Wednesday.

Global gold price climbed US$10.7 an ounce from Wednesday to stop at US$595 on Thursday and Friday.

According to a representative of the Viet Nam Export Import Commercial Joint Stock Bank, the major reasons for the rapid increase of gold prices are a slight decline in the US dollar and sharp surge in crude oil price.

The skyrocketing domestic gold price during these days reportedly resulted in a current low sale volume of gold bars and jewelries.

Source: SGGP, TN - Translated by Trong Khuong

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