Gold surges to all-time high
The price of gold at retail outlets in the city yesterday surged to VND21.32 million and VND21.38 million per tael for buying and selling respectively. A tael equals 1.2 troy ounces.
Gold broke the record level of VND21 million on Friday and continued to soar over the weekend. The precious metal has increased by nearly VND700,000 in price within the last week.
Despite the high prices, few people came to gold shops in the city to offload the yellow metal. A shop owner on Phan Chu Trinh Street in District 1 said that he sold a small amount of jewelry during the past few days but no gold bars.
Over the weekend, gold went up by US$20 to US$979 per troy ounce on the New York market. "Global gold prices are estimated to soar in days to come due to concern of inflation, economic uncertainty and crude oil rally," said Huynh Trung Khanh, senior advisor of the World Gold Council in Vietnam.
Source: Saigon Times
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