After much fluctuation on April 29, the Saigon Jewelry Co. (SJC) gold price closed at VND13 million a tael at 5PM on the same day, while the Phu Nhuan Jewelry Company gold was priced at VND12.98 million a tael, an increase of VND330,000- 350,000 over Friday.
Currently, the domestic gold price is about VND250,000-300,000 a tael higher than the global one.
On April 29, the global gold price witnessed a strong rise as it climbed to US$654 an ounce. Accordingly, it has increased over 24% compared to that of early 2006 and two-fold compared with three years ago. Particularly, only in April, 2006 the world gold price increased 12%.
According to market analysts, there are many reasons for the strong increase of the global gold price, among which are a remarkable increase of the global crude oil price, which is now over US$70 a barrel, a decline in the US currency, the US Federal Reserve’s (FED) decision to stop increasing its interest rate and the rally growing demand for gold investment.