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Gold price skyrocketing, gold market burning   2009-02-19 - VietNamNet/VNE

The domestic gold price has climbed to the highest-ever level, VND19.75mil/tael, while the world’s price is trying to conquer the new peak of $20/oz.


Phuong, an investor in district 4, HCM City went to a gold shop this morning to sell gold as she thought the gold price was high enough to bring profit. However, she decided to delay the sale, as she believes the gold price will rise further.


“I purchased gold six months ago, hoping to get some profit when the price went up. I intended to sell gold when the price climbed to VND19.3mil/tael, but then I decided to wait longer. No one could have imagined that the price would climb to such a high level,” she said.


At 8.30 am on February 19, SJC gold was reportedly sold at VND19.75mil/tael. The skyrocketing prices have made those who sold gold last week when the price increased a little, somewhat wistful.


Tran Loi, the owner of a gold-trading enterprise in HCM City, said that banks and businesses have rushed to speculate and hoard gold in the last month, which is threatening to cause a shortage.


Meanwhile, analysts say that no business that is holding gold will sell gold at this moment with the market price still rising.


Gold shops in HCM City quoted gold prices earlier this morning than usual. In general, quoted prices are not available until after 9 am; but this morning, gold prices had been adjusted three or four times before 9 am.


The opening price was VND19.41-19.65mil/tael (purchase and sale) for SJC gold. After that, the price continuously increased, reaching VND19.65-19.75mil/tael at 8.30 am.


The noteworthy thing is that though the gold price has been skyrocketing, the margin between purchase and sale prices has been narrowed to VND100,000/tael only, while the margin was VND130,000/tael earlier this morning and over VND200,000 yesterday afternoon.


Sacombank’s Than Tai (God of Luck) trademark bar gold was quoted at VND19.62-19.8mil/tael (purchase and sale), VND130,000-230,000 more than the highest peak on February 18. Meanwhile, Tan Tai Phuong Nam NJC was traded at VND VND19.62-19.7mil/tael.


The opening price on ACB’s gold trading floor was VND20.685mil/tael, and then orders were matched at VND20.621mil/tael. On the Than Tai Sacombank gold trading floor, the price hovered around VND19.68mil/tael, an increase of over VND110,000/tael over yesterday’s closing price at VND19.52mil/tael.

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