A one-tael piece of gold made by the Saigon Jewelry Joint Stock Company, coded SJC, traded at up to VND15.1 million (around US$944) in central Da Nang city, up VND350,000 per tael over the previous day. Gold prices per tael in Ho Chi Minh City saw a stunning increase of VND520,000 to hit VND15.15 million. At the Hanoi-based Bao Tin-Minh Chau Gold and Silver Company, gold was quoted at VND14.25 million per tael, an increase of VND200,000 from May 11.

Domestic gold prices keep increasing mainly due to rising gold prices in the world market, thought to be the result of oil price hikes, the depreciating US dollar and mounting tension on the Iranian nuclear issue. Meanwhile, China and other Asian countries are racing to increase their gold reserves.

At the Hong Kong market, gold price closed above US$722 per ounce - roughly 28.3g, a rise of nearly US$14 per ounce since May 10.