GOLD NEWS

Vietnamese people rush to buy gold as prices skyrocket

Mon May 13 2024

Jewelry stores in Vietnam have been crowded with customers looking to buy gold as prices kept soaring to an all-time high of over VND90 million (USD3,536) in recent days, VnExpress reported. A store on Cau Giay street in capital Hanoi even had to stop accepting walk-in customers, only serving those who had already fixed an appointment, the newspaper reported on Saturday.

Saigon Jewelry Company gold bullion price shot up 2.6 per cent to VND91.8 million (USD3,607) per tael on Friday morning after reaching a record VND89.5 million (USD3,517) on Thursday afternoon. Gold ring prices slightly increased by one per cent to VND76 million (USD2,987) per tael on Friday.

Since the central bank began auctioning gold bars in late April, the precious metal has seen its price skyrocket. A total of 6,800 taels of gold bars have been successfully auctioned during two recent sessions in Vietnam.

A tael equals 37.5 grammes or 1.2 ounces.

Source: https://borneobulletin.com.bn