Gold price surges on high demand

SJC gold is still the benchmark for bullion trade in Vietnam. The local gold price hit new record of VND30.74 million per tael on Monday - Photo: Le Toan

HCMC – Local gold prices on Monday continued hitting new records on higher demand as Saigon Jewelry Holding Co. (SJC) quoted selling price at VND30.74 million per tael, increasing VND280,000 per tael from late last week.

Ton The Vinh Quyen, sales director of Sacombank Jewelry Co., said on Monday morning alone the company sold 3,000 taels while the buying volume was modest. A tael equals to 1.2 toy ounces.

Crowds of gold buyers made local gold prices suddenly increase on Monday morning while global prices rose slightly. Buying here eased in the afternoon.

Quyen said if the global gold price exceeds the level of US$1,300 an ounce, it would continue rising in the future. However, he expected the gold price to decline after the consecutive record highs in recent days.

Nguyen Cong Tuong, deputy head of sales at SJC, said the trading volume of the company on Monday was much higher than late last week. He said the buyers were mainly investors who borrowed gold from banks to sell in the past and now had to buy gold again to cut losses.

Meanwhile, Nguyen Thi Cuc, deputy general director of Phu Nhuan Jewelry Co. (PNJ), said as gold demand increased, gold traders had to compete with each other for sources, making a shortage in short term and pushing the price up.

Local gold price is about VND200,000 higher than global price. Cuc said given the difference, enterprises did not want to import gold, but her company had sent an import proposal to the central bank to import immediately when the price is higher.

Gold was traded at US$1,297.3 an ounce by 5:00 pm on Monday on European market, rising US$0.3 an ounce from late last week.

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Gold price surges on high demand

SJC gold is still the benchmark for bullion trade in Vietnam. The local gold price hit new record of VND30.74 million per tael on Monday - Photo: Le Toan

HCMC – Local gold prices on Monday continued hitting new records on higher demand as Saigon Jewelry Holding Co. (SJC) quoted selling price at VND30.74 million per tael, increasing VND280,000 per tael from late last week.

Ton The Vinh Quyen, sales director of Sacombank Jewelry Co., said on Monday morning alone the company sold 3,000 taels while the buying volume was modest. A tael equals to 1.2 toy ounces.

Crowds of gold buyers made local gold prices suddenly increase on Monday morning while global prices rose slightly. Buying here eased in the afternoon.

Quyen said if the global gold price exceeds the level of US$1,300 an ounce, it would continue rising in the future. However, he expected the gold price to decline after the consecutive record highs in recent days.

Nguyen Cong Tuong, deputy head of sales at SJC, said the trading volume of the company on Monday was much higher than late last week. He said the buyers were mainly investors who borrowed gold from banks to sell in the past and now had to buy gold again to cut losses.

Meanwhile, Nguyen Thi Cuc, deputy general director of Phu Nhuan Jewelry Co. (PNJ), said as gold demand increased, gold traders had to compete with each other for sources, making a shortage in short term and pushing the price up.

Local gold price is about VND200,000 higher than global price. Cuc said given the difference, enterprises did not want to import gold, but her company had sent an import proposal to the central bank to import immediately when the price is higher.

Gold was traded at US$1,297.3 an ounce by 5:00 pm on Monday on European market, rising US$0.3 an ounce from late last week.

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• Gold price surges on high demand
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Major amusement park in the offing in Long An

An artist’s impression of Happyland Vietnam project in Long An Province - Photo: Courtesy of Khang Thong Group

HCMC - Phu An Infrastructure Development and Construction JSC, a subsidiary of Khang Thong Group, announced on Monday to start building a big amusement project in the Mekong Delta province of Long An next year.

Nguyen Thanh Su, deputy general director of Khang Thong Group, told the Daily on the phone on Monday that the Happyland Vietnam project would require around US$2 billion, with US$600 million going to a theme park similar to Disneyland and Universal Studio, the famous amusement destinations in the world.

The first phase of the project will start on 338 hectares, stretching along the Vam Co Dong River. It will be expanded in the second phase, according to the company which on Monday introduced the project’s investment opportunities in the capital city of Hanoi to potential investors in the northern region.

In addition to the amusement section, the project will have a commercial section providing some 160,000 square meters of space, a section for three -and five-star hotels with some 1,000 guest rooms and a section for residential development with villas and shophouses, among other facilities.

The firm said Happyland could receive around 14 million visitors a year and generate jobs for about 10,000 people in the province.

Answering a question about the financial capability of the investor, Su said the group would use its own budget and join hands with strategic partners. “We are mulling a plan to list on the bourse to pool capital,” Su told the Daily on Monday.

The company is expected to organize an investment opportunity seminar in HCMC, about 30 km from Long An, in the middle of this month.

Su said the group was working with its partners to begin work on the project by January next year and complete it by April 2014.

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