August 26 – the highest level in the last two months – tracking a strong
rebound in global prices.
A tael equals 1.2 troy ounces.
In the morning, Gold was
offered at the Hanoi-based Saigon Gold and Silver Co (SJC), Phu Nhuan
Jewelry Co (PNJ) and Sacombank Jewelry Co (SBJ) at 28.96-29.02 million
VND (around 1,500 USD) per tael, up 150,000 VND (7.77 USD) from
Wednesday afternoon.
Meanwhile, Bao Tin Minh Chau was trading its Rong Thang Long-brand gold at 28.9-29.02 million VND.
SJC's prices reached 29.05 million VND (1,505 USD) per tael in HCM City
and 29.07 million VND in Hanoi by afternoon, and Bao Tin Minh Chau
prices followed suit to 29.04 million VND by 4pm.
Pham
Ngoc Toan, an analyst of International Gold Investment Co (IGI),
attributed the hike in domestic gold prices to higher prices on the
world market, which passed a two-month high of 1,240 USD per ounce early
August 26 morning.
Toan said people were shifting
investments from foreign currencies like the euro and the US dollar to
gold on worries of a double-dip recession in the US and slowing
growth rates in other major economies.
The central banks
of China and India were also increasing their gold reserves,
further pushing up gold prices, Toan said.
"Gold prices will continue climbing in the short term," he predicted./.
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