Domestic gold prices have suddenly hit a new record high in buying/selling prices at VND18.27/18.37 million per tael in current transactions despite a VND200,000 fall on February 26.
Early in February 27, the Saigon Jewelry Company (SJC) listed the selling price at VND18.4 million per tael, an increase of nearly VND400,000 over the previous day. Gold was also being transacted at buying/selling prices of VND18.37/18.42 million on the open market.
On the Asia Commercial Bank’s gold trading floor, investors rushed to trade with over 120,000 taels worth VND2.2 trillion successfully traded so far. Significantly, the potential purchasing power could be enormous as investors expect gold prices to further increase over the coming days.
Domestic gold prices which depend on the global trend are being affected by fluctuations in US dollar - Euro exchange rate and soaring world oil prices. After experiencing a decrease of US$15 per ounce on February 26, spot gold on the New York trading floor increased to US$948.7 per ounce and was reported to be transacted at US$957 per ounce at 14.00pm (Vietnam time) on February 27.
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