Gold, dollar set dramatic new records
Such Ha Noi and HCM City gold shops as the Sai Gon Jewellery Co; the Sacombank Jewellery Co; Bao Tin Minh Chau; Agribank Jewellery Co and Phu Nhuaân Jewellery Co have quoted the precious metal for sale at up to VND37.70-38.5 million ($1,774-1,811) per tael since early morning. The price is up 6.89 per cent against late Monday or 8.7 per cent against last Friday. The previous record was on Monday when the price for gold reached VND35.85 million per tael.
This morning’s record high was set after the global gold price hit new record high of $1,410.60 an ounce overnight. One tael equals 1.2 troy ounces. The US dollar was at about VND21,250, up VND300 against Monday or VND600 against last Saturday this morning. The fevered trading was attributed to the State Bank of Viet Nam pending infusion of more dollars into the market. The dollar tumbled to VND20,200 and the gold price to below VND35 million per tael when the plan was announced last Friday. But details of how the plan is to work have not yet been published. The previous record price for the dollar was VND 21,050.
