The price of gold in Vietnam continued its record-breaking run November 15, surging past the unparalleled 8.4 million dong mark, following new highs in the global gold market.
A tael [1.2oz] of 99.99% pure gold Monday afternoon shot up 40,000 to 60,000 dong to a record high of 8.41 million dong in Hanoi and central Da Nang City. Prices in HCM City and the Mekong Delta city of Can Tho were at 8.4 million dong per tael.
Sky-rocketed prices have seriously discouraged domestic demand for gold, said Nguyen Huu Thuan, deputy chief executive of the Saigon Jewelry Company, Vietnam’s biggest gold jewellery maker.
Economists attributed the steep rise to another increase of gold prices in international trade. Earlier on Monday, global gold prices topped US$440 an ounce, up two US dollars an ounce.
The decline of the US dollar against other currencies, together with unrests in Iraq and political tension in Palestine after the death of Palestinian president Yasser Arafat, has pushed up global gold prices, analysed economists.
One US dollar November 15 was equivalent to about 15,757 dong.