Gold price increases by VND200,000/tael

February 21, SJC gold was selling at VND19.75 million ($1130) per tael and buying at VND19.85 million, an increase of VND200,000 compared with previous day. Gold has risen VND770,000 since Monday.

After world gold prices climbed to their highest ever level, $1,007 per ounce, yesterday they fell back and stand at $994.5 per ounce.

According to experts, gold prices will increase again as the US is expected to nationalize some of its banks.

Domestic gold prices are still lower than world gold prices by VND1 million per tael (1.3oz).

The number of those selling gold decreased by 60 percent compared with the end of last week. The number of those buying also decreased, according to some local gold companies.

Sacombank’s Than Tai (God of Luck) marked gold was quoted at VND19.62-19.8mil/tael, VND130,000-230,000 more than the peak on February 18.

Tan Tai Phuong Nam NJC traded at VND19.62-19.7million per tael.

The opening price on ACB’s gold trading floor was VND20.685 million per tael.

On the Than Tai Sacombank gold trading floor, the price hovered around VND19.68 million per tael, an increase of over VND110,000 from yesterday.

By Mai Thi – Translated by Thanh Huong

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