Gold prices were the same at both Saigon Jewelry Holding Company (SJC) and Phu Nhuan Jewelry Company, at VND33.67 million per tael for buying and VND33.73 million for selling.
World gold prices rose by only US$5.3 (VND100,000) an ounce while domestic gold surged by nearly VND300,000 per tael. A tael is a local gold measuring unit equivalent to 1.2 troy ounces.
The greenback on the unofficial market leapt to a new high of VND20,920 per dollar in HCMC and VND20,950 in Hanoi, an increase of VND500 from Monday.
Many shops in HCMC stopped selling the dollar toward the end of the day for fear of risk. According to Nguyen Huu Nhon, the manager of a gold shop near Ben Thanh market in downtown HCMC, the differential between dollar selling and buying prices quoted by most of the stores around the market was big. The dollar was bought at VND20,650 per dollar and sold at VND20,950, leaving a VND300 difference.
A source from Bao Tin Minh Chau Company, a major gold trader in Hanoi, said dollar demand turned strong on Tuesday, thus pushing up its price.
The gold price on Asia markets at 5 p.m. on Tuesday was a little higher at US$1,356.5 an ounce compared to the previous day. Thus, the world gold price was VND500,000 per tael higher than the SJC level.
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