Gold prices soared to highs on Wednesday morning, exceeding US$2,000 per ounce on the global market and nearing VNĐ59 million (US$2,554) per tael (1.2 ounces) in Việt Nam.
On Wednesday morning, Saigon Gold and Jewelry Company listed each tael of SJC gold at VNĐ57.5 million for buying and VNĐ58.72 million for selling, increases of about VNĐ700,000 for both from the previous day’s rates.
Phú Quý Group rated its buying price to VNĐ57.35 million with a sales price of VNĐ58.34 million per tael, while Doji Group listed the buying prices of each tael VNĐ57.3 million and selling rates at VNĐ58.3 million.
Listing the gold at buying and selling rates at VNĐ57.4 million and VNĐ58.3 million, the website of Bảo Tín Minh Châu Gold Firm was sometimes unable to be accessed. A representative of the firm said a large amount of traffic caused the problem.
On the global gold exchange Kitco, gold prices hit $2,016 ($2,429 per tael).
At these rates, local gold prices were more than $100 higher than global rates.
After the bullish momentum in gold took prices above $2,000 an ounce, the rally could have another $200 to go before seeing a slowdown, according to analysts of Kitco.
This article was originally published in VNA