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Gold prices rise after post-Tet dip

Update: February, 02/2012 - 09:35

HCM CITY — Gold prices in the domestic market rose again by VND300,000 to between VND45.15 and 45.30 million per tael, after falling on one day.

Domestic gold prices rose sharply during Tet (lunar new year) to more than VND46 million (US$2,190) per tael. However, they saw a heavy cut on January 30 by about VND800,000 to VND45 million per tael after world prices declined by $10 to $1,726 per ounce.

The price of SJC-branded gold bullion on the afternoon of January 31 rose by around VND300,000 to between VND45.15 million and VND45.3 million per tael as compared with the rate on January 30. On the morning of January 31, wholesale prices of SJC gold bullion at the Ha Noi-based DOJI Gold and Gems Group were between VND45.20 million and 45.30 million per tael.

Meanwhile, Sacombank Jewellery Joint-Stock Company's selling and buying prices stood at around VND45.20 million per tael.

A representative of the Bao Tin Minh Chau Jewellery Company in Ha Noi said because of the gold-price hikes, many people rushed to sell their gold sheets to make profits.

As a result, people's gold selling accounted for 90 per cent to 95 per cent of the company's transactions on these days.

He also said that the company's selling gold price now was VND600,000 higher than the global rate per tael.

On the world market in Hong Kong, gold prices on January 31 increased again by $9.52 to $1,747 per ounce, and in New York, up $12 to $1,746 an ounce. The world-price hike was attributed by market experts to negative information about US economic growth. The experts also predicted that world gold prices would likely continue to rise, surpassing $1,800 an ounce. — VNS

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