Gold price in Vietnam surged VND750,000 a tael more than the opening price to VND25.55 million a tael November 6 despite the global price stalling.
The precious metal was bought at VND25.25 million and sold at VND25.55 million at most gold shops.
The new highs of domestic gold price not only surprised investors but also gold traders, especially as the metal sharply rallied when global prices treaded water.
On the bullion market, trading was fairly high with most investors buying gold.
A representative of Phu Nhuan Jewelry’s (PNJ) Hanoi branch said the company sold 200 taels and bought just nearly ten taels.
The trading gap between selling and buying prices was extended to limit risks for jewelers in case global prices plunged.
In Hanoi, selling price was VND300,000 higher than buying price.
The high price has also affected jewelry market.
PNJ said the number of customers went to gold shops to buy jewelry sharply fell over previous days.
At the SBJ trading floor, trading was rather high with more than 450,000 taels changing hands, 60,000 taels higher than usual, by 4pm local time.
Globally, bullion hovered around US$1,092-$1,095 an ounce.