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Gold price skyrocketed to VND 19.9 million/tael   2009-03-20 - VietNamNet

Keeping pace with the US gold market, the domestic gold market became scorching hot this morning as the price has nearly hit the VND 20 million/tael threshold.


The US gold price unexpectedly skyrocketed last night. This was the second time the gold price increased drastically since the US FED decided to pump a huge sum of money into the financial system of the country.


The Phuong Hoang PNJ-DAB brand name bar gold of Phu Nhuan Jewellery Company (PNJ), Hanoi branch was traded between VND 19.8 million-19.9 million/tael (purchase and sale) at 9:00am of March 20. The prices were VND 19.7 million and VND 19.8 million/tael late yesterday.


SJC brand name of Phu Quy and Vang Rong Thang Long of Bao Tin Minh Chau were also quoted at the similar price levels at VND 19.8 million/tael (purchase) and VND 19.88 million/tael.


The bar gold market in Hanoi yesterday (March 19) became prosperous again after many gloomy transactions. A lot of people decided to sell gold yesterday as they saw the prices increase. However, the number of transactions was still lower than three weeks ago.


PNJ Hanoi said that on March 19, the volume of gold the company purchased was two or three folds higher than previous days, but this was just equal to 20% of the bustling days, when 1,000-2,000 taels were traded a day.


The domestic gold price has skyrocketed again following the price jump to US $960/oz in the world’s market last night.


The gold price in Asia decreased a little earlier this morning, by 0.7% to US $952.40/oz.


The gold price in the world has been skyrocketing because of the high investment in gold. Investors fear that the FED’s decision to pump money into the financial market will lead to the higher inflation.


However, experts said that investors have been too worried about the risk, affirming that the inflation would not be able to soar quickly. Forecasts have said that the inflation in the US would not increase sharply until 2011.

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