Bullion hits VND28 million

The price of gold in Vietnam surged by VND450,000 a tael (1.2 ounces) on May 12, as the global price hit an all-time high causing concern among investors that the international financial bailout of indebted European countries is devaluing currencies.

Most gold merchants purchased the precious metal at VND27.9 million per tael and sold at VND28 million, the highest level since December last year.

The domestic price fetched VND500,000 per tael below global price.

Domestic gold prices increase VND1.3 million per tael over the last 10 days, after having long remained stagnant.

Globally, spot gold declined this morning due to the profits earned the day before, when the precious metal closed at an all-time high of US$1,232.4 an ounce in New York.

In Asia, gold prices slid this morning by $4 an ounce to $1,228.4.

The US dollar exchange rate on free market rose again today. In Hanoi, one dollar was bought at VND19,030 and sold at VND19,060. The dollar’s selling price has climbed by VND50 over the past two days.

However, dollar exchange rate at some commercial banks have dropped this morning. For instance, the State-owned Vietcombank bought dollars at VND18,990, and sold at VND19,050, a decrease of VND10 a dollar. Interbank’s exchange rate remained at VND18,544.

Compiled by Thuy Doan

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