Gold reaches new high

Gold prices reached another all-time high on May 18, topping VND20.17 million a tael, as global prices swung from US$928.5 to 933.5 an ounce as the Asia and European stock markets slumped.

The price of Saigon Jewelry Co. gold in Ha Noi rose VND40,000 from the previous day’s close to VND20.17 million. A tael equals 37.5 grams.

In Ho Chi Minh City the price of the precious metal at the Saigon Jewelry Co. and Sacombank Jewelry Co. was VND20.15 million.

Phu Nhuan Jewelry Co. sold gold at VND20.12 million and bought it for VND20.09 million.

But trading remained thin, at just 600 taels at SJC, 60 percent lower than at the end of last week.

Globally, the metal trod water at around $930 an ounce because of the US finance minister’s speech and housing report.

Prices are expected to fall sharply from here if the stock market shows positive signs, with speculators selling gold to take profits.

Domestic gold prices remain VND200,000 a tael higher than global prices.

Source: Thanh Nien, Tuoi Tre, SGGP – Compiled by Thuy Doan

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