Gold price jumps sharply in Vietnam

Price of gold in Vietnam increased by VND300,000 per  tael  by afternoon of October 2, to touch VND47.85 million per  tael.

Saigon Jewelry Company (SJC) listed gold at VND47.55 million per   tael for purchase and VND47.85 million per tael for selling. The difference between the purchase price and sale price of SJC was VND300,000 per tael.

Meanwhile the Than Tai brand (SBJ) of Sacombank listed at VND47.15 million per tael for purchase and VND47.6 million per tael for selling.

At the same time, in Hanoi, price of SJC gold was at VND47.55 million per tael for purchase and VND47.87 million per tael for selling. Rong Vang Thang Long Gold of Bao Tin Minh Chau Company listed at VND44.1 million per tael for purchase and VND44.4 million per tael for selling.

On the world market, at the end of the trading session yesterday, gold price rose more than US$5 per ounce to reach $1,775.2 per   ounce; at the end of session the price was $1,793 per ounce, the highest level ever since mid November 2011. At 4.30pm on October 2, gold price was $1,778 per ounce.

With the exchange rate at VND20,910 per US$, the world gold price converted approximately to VND45.33 million per  tael  (including surcharge and other taxes).

Thus, SJC gold price is still higher than world gold price, about VND2.52 million per tael.

According to statistics, since the beginning of September 2012, the domestic gold price has increased by 6.7 percent. In the third quarter of 2012, the price of gold has risen more than VND5.6 million per tael, equivalent to 13 percent.
 

Source SGGP, Translated by Dan

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