Gold prices surge again
By Thuy Linh and Thanh Thuong - The Saigon Times Daily
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| Gold products for sale at a jewelry shop in Hanoi - Photo: Reuters |
HCMC – Domestic gold prices again surged to over VND25 million per tael on Saturday due to strong buying after falling sharply to VND24 million per tael a day earlier.
Saigon Jewelry Holding Co. (SJC) on Saturday quoted the yellow metal at VND25.2 million and VND25.3 million 
per tael for buying and selling respectively, up by VND300,000 from Friday. Meanwhile, Hanoi-based Bao Tin Minh Chau Co. bought and sold its “Dragon” gold at VND25.46 million and VND25.6 million per tael. A tael equals 1.2 troy ounces.
The gold market witnessed a bustling day on Friday as many people flocked to offload the precious metal at low prices. Meanwhile, this was an opportunity for investors, according to SJC’s marketing department.
The central bank earlier asked SJC to offload gold to reduce prices in line with world levels. The market became busy as SJC and Sacombank Jewelry Co. sold huge amounts of gold on Friday.
Local gold on Friday was around VND420,000 a tael higher than the world’s while the difference was over VND1 million on previous days. SJC sold up to 25,000 taels of gold on the day, eight times higher than a day earlier, said SJC’s deputy general director Truong Cong Nhon.
An expert said that gold would move between US$1,060-1,070 an ounce before dropping back to US$1,020 in the future.
On the New York market, gold closed at over US$1,065 an ounce on Friday, up by US$2.2 from the previous day.