Vietnam gold prices rose June 1, tracking world gold prices that gained US$7.5 an ounce to S$ 987.10.
It was bought at VND21.53 million a tael and sold at 21.65 million, VND180,000 higher than the previous day and VND600,000 higher since the beginning of last week. A tael equals 37.5 grams.
Vietnamese prices remain around VND150,000 an ounce/tael higher than world prices.
While jewelry shops reported poor business, trading at exchanges was eventful. At Sacombank’s SBJ gold trading center, the volume of order matching on June 1 was 300,000 taels, the highest ever.
Huynh Trung Khanh, consultant to the World Gold Council, said domestic prices are set to move up to 22 million.
The major factor deciding gold prices is the value of the dollar. Since the beginning of May the greenback has depreciated against other major currencies. For instance, a euro now trades at $1.42 against around $1.2 a few months ago.
Besides, other news like General Motors’ bankruptcy has seen investors flee to gold, Khanh said.
