Gold prices at Saigon Jewelry Holding Co. (SJC) on 1 October shot up VND 20,000 per tael to close at VND 14,290,000 per tael, an increase of VND110,000/tael over last week’s closing.
So far this week, the world gold price has climbed to US $747.60, adding US $8 to the price of an ounce. The current world gold price has risen by 9 percent in comparison to the beginning of September and is around VND250,000 higher per teal than the price in Viet Nam.
Gains have been driven by surging oil prices, falling US dollar prices, and growing demand from such countries as China. Additionally, supply shortages caused by output reduction in Canadian and Costa Rican gold mines as requested by environmental protection organizations has also led to the increase in gold prices.