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Gold prices on the domestic market have increased by nearly VND200,000 (USD9.7) per tael to hit a new record high of VND39.24 million (USD1,904).
On the morning of July 18, SJC gold was listed at VND39.16 million - VND39.24 million (USD1,900-USD1,904) per tael in Hanoi while Bao Tin Minh Chau gold was traded at VND39.09 million- VND39.19 million (USD1,897-USD1,902) per tael.
In Ho Chi Minh City, SJC spot gold was transacted at VND39.16 million-VND39.22 million (USD1,900-USD1,903). Sacombank’s SBJ gold was also listed at VND39.08 million-VND39.16 million (USD1,897-USD1,900)
Global gold prices continued to shoot up to USD1.959 per ounce for fear of the spreading public debt crisis in Europe after Ireland and Portugal had their credit ratings slashed by Moody’s- one of the biggest credit rating agencies.
Meanwhile, the US was warned about Moody’s possibility to lower its credit rating due to its government’s failure to agree upon the pubic debt ceiling. For this reason, gold is being considered a safe investment tool in the current period.
