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Gold prices hit a record high of VND44 million per tael

* | VOV | August 09, 2011 11:17 am

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SJC gold in Hanoi was listed at VND43.70-44.25 million (USD2,119-USD2,146) per tael at 9:30am on August 8, up VND2.3 million per tael against the previous session at weekend.

In HCM City, Danang, Nha Trang and Can Tho, gold prices hovered somewhere between VND43.65-44.25 million (USD2,117-USD2,146) per tael, VND1 million higher than in the global market.

One reason for people rushing to buy gold is that they did not have enough patience to wait for a fall in gold prices. Moreover, the Government has strictly controlled the import of gold since August 6.

In the global market, gold prices rose to USD1.693, up USD30 per ounce compared to the weekend’s session.

http://www2.dtinews.vn/news/business/finance/gold-prices-hit-a-record-high-of-vnd44-million-per-tael_15183.html

Vietnam: the curse of gold

August 9, 2011 1:01 pm by Ben Bland

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Vietnam, like some other frontier markets, seemed to be remarkably unaffected by the deepening economic problems in the US and Europe over recent weeks.

But the latest waves from the global crisis have finally washed up on Vietnam’s shores after the surge in world gold prices, driven by growing risk aversion, led to a record surge in the domestic gold price, once more putting downward pressure on the country’s fragile currency, the dong.

The gold price has jumped by more than 10 percent since last week, moving from a discount to a premium to global prices and hitting a new domestic record. This afternoon, gold was changing hands for around 45m Vietnam dong ($2,183) per tael, equivalent to 37.5 grammes or 1.21 troy ounces, according to Saigon Jewellery Company, one major trading house.

The central bank, the State Bank of Vietnam, which controls gold imports and the exchange rate, blamed the global price jump and “speculators” who were taking advantage of the onshore shortage of the precious metal following the...