Gold price rises to VND15.58 mln per tael

The price of gold in Vietnam rose VND250,000 per tael yesterday to VND15.58 million (US$971) per tael, the highest price ever recorded by the Saigon Jewelry Company.

The price of gold in

Vietnam

rose VND250,000 per tael yesterday to VND15.58 million (US$971) per tael, the highest price ever recorded by the Saigon Jewelry Company.

Some gold vendors in Ho Chi Minh Citys Ben Thanh Market said Saturdays purchasing power showed a slight increase, despite the sharp rise in the price of gold.

The world gold price rose above $800 per ounce yesterday, to finish at $808 per ounce, up $16 on the day.

According to Huynh Trung Khanh, advisor for the World Gold Council in Vietnam, the rise in the world gold price was due in part to the US announcing a poorer than expected economy index, indicating inflation of the dollar would continue to increase.

The US dollar continues to fall against other currencies while the worlds gold price steadily increases.

International investment funds are thus often choosing gold rather than dollars to back up their investments.

(Source: Thanhniennews)