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Gold price rising quickly, nearly at VND20mil/tael   2009-02-17 - VietNamNet/VNE

The gold prices quoted by gold companies have been adjusted regularly recently. The price had climbed to VND19.3mil by noon February 17, an increase of VND200,000/tael over the opening price level. The domestic market has been heated up by the fire in the world’s market.


The Saigon Jewellery Company changed its quotations four times this morning. At 10 am, gold prices were reportedly at VND19.1-19.2mil/tael (purchase and sale). At 11 am, the prices were VND19.15-19.27mil/tael. Thirty minutes later, the company quoted the purchase price at VND19.2mil/tael and sale price VND19.3mil/tael, increases of VND160,000/tael over the opening prices.


At gold shops, the purchase price was a little lower, at VND19.04mil/tael, while the sale price was VND19.2mil/tael. The gap between the purchase and sale prices has widened to VND100,000/tael from VND50-70,000/tael.


On ACB trading floor, the successful trading price was reportedly VND19.98mil/tael at 11 am on February 17.


The world’s market began heating up at 8 am this morning, Hanoi time, and then broke many resistance levels. At 12 pm, the spot delivery on reached $956.90/oz, the highest level in the last seven months and the increase of $15.30/oz over the opening price.


Several days ago, when the gold price suddenly rose to VND19.2-19.3mil/tael, people rushed to gold shops to sell gold.


Nguyen Duc Thai Han from ACB said that the world’s gold price has been rising as the demand for gold keeps rising as investors want a safe investment channel.


Han said that the price will decrease only when investors find other effective investment channels, like stocks or real estate.


Some analysts have predicted that the gold price may reach $955-982/oz in some days, and the $1,000/oz threshold in three weeks.


Analysts say that a lot of investors have got fat profit from speculation thanks to the sharp price increase since Tet.


Before Tet, the bar gold price was VND17.8mil/tael on average. A lot of petty merchants, after collecting debts, purchased gold to hoard up. Their investment now can bring fat profit, as gold prices have been soaring since Tet.

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