Investors Keep Watchful Eyes on Gold Price Again

Saigon Jewelry Gold Co. (SJC) slipped by VND20,000 a tael (1.3 ounces) over Saturday to close at VND11.45 million (roughly US$718) on April 9.

Previously, the domestic gold price had increased continually from VND11.17 million a tael to VND11.47 million on April 7, the highest level last week.

Also, the global gold price saw the highest increase over the past 25 years when it rocketed to US$598 an ounce from US$582.9 early last week, but then slipping dramatically to US$589.4 an ounce on April 8.

The gold price fixed to deliver in the international market in June 2006 is set at US$601.9 an ounce.

Experts predict the global gold price early this week will be from US$575 to US$580 an ounce, then to US$600 an ounce because of the rising demand for gold reserve of many international banks in Asian countries, especially in China.

However, the global gold price can also exceed US$600 an ounce due to the world’s geopolitical tensions or the increasing purchasing power of gold speculators, said an expert.

By T.N – Translated by Trong Khuong

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