Gold price spikes

The price of gold in Vietnam once again rose to fresh record highs November 8, likely driven up by a new steep price upsurge in the international gold market, said experts.
A tael of 99.99% pure gold rose 30,000 dong, leaping to a new record of 8.2 million dong a tael [1.2oz] in Hanoi and central Da Nang City after dipping to 8.14 to 8.16 million dong last week.
Prices also shot up to 8.18 million dong a tael in the Mekong Delta Can Tho city and 8.19 million dong a tael in HCM City.
On the afternoon of the same day, gold in the international market topped a new record level of US$435.10 an ounce, fuelled by a sharp decline of the dollar against the euro, according to the joint-stock Vietnam Export-Import Bank.
On November 8, the dollar fell to a record low of US$1.2505 against the euro. Decline of the dollar is expected as the US trade deficit is likely to grow and global oil prices are expected to go up, predicted US investors and analysts.
The euro’s rise has also hit Vietnamese companies which import goods and production materials from European countries, said financial experts.
Currently, Vietnam currently uses the euro to pay for about 30% of its imports, domestic commercial banks estimated.

 

Category: Finance