The precious metal’s price at the Saigon Jewelry Joint-Stock Company, Vietnam’s biggest gold shop, surged VND400,000 early morning to VND19.93 million a tael (1.2 ounces) and rose VND100,000 further to an all-time high of VND20.05 million ($1147).
Ho Chi Minh City-based gold shops said some investors cashed in on the sharp gain today, selling gold heavily, while many waited for the price to move up further. Sales of gold taels and jewelry were pretty low, they said.
Overnight gold prices on the international market reached a six-month high. Gold jumped the most since September, and crude oil topped $52 a barrel, on speculation the Federal Reserve’s steps to revive the US economy will spur demand for raw materials as a hedge against inflation, according to Bloomberg.
Gold futures for April delivery on Thursday surged $68.80, 7.7 percent, to $957.90 an ounce on the Comex division of the New York Mercantile Exchange.