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Gold prices rise as uncertainty grows

Thursday, May 15, 2014
Gold prices rose to their highest in a month in the local market, by yesterday afternoon.

Each tael of gold increased VND830,000 (US$39.5) in trading prices.

The price of gold in the morning session increased slightly but it began rising fast after 12 pm. Until 3pm one tael of the state-owned SJC gold was sold at VND36.55 million ($1,740) at the Sai Gon Jewellery Company.

The number of gold buyers increases in the local market on May 14

Bao Tin Minh Chau Jewellery and Gemstone Company (BTMC) recorded a higher number of buying transactions for gold in its northern branches, adding that buying/selling rate difference was 6 over 4 yesterday. Other companies also experienced much stronger buying demand for gold on the same day.

The global gold trading floor, Kitco.com, also reported a higher price for gold. The gold price was listed at $1,299.90 per ounce or $1,566 per tael, an increase of $6.5 per tael from yesterday's session.

Escalating violence in Ukraine was mentioned as a reason for the global rise because the metal was often seen as a safe investment during political uncertainty.

Thus, each tael of gold in Viet Nam was $174 higher than in the world market.

On the same day, Vietcombank and other commercial banks sold one US dollar between VND21,115 and VND21,125. The State Bank of Viet Nam kept the US dollar's exchange rate at VND21,036 on Monday, unchanged for nearly 10 months.
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