The world’s gold price has soared after Vietnam’s Tet, reaching $929/oz. The domestic market has not really restarted yet. The gold prices quoted by gold shops prove to be much lower than the world’s prices.
According to Huynh Trung Khanh, Deputy Chairman of the Vietnam Gold Business Association, Advisor to the World’s Gold Council, the
The US and European countries have announced the plan to pump huge amounts of money to help recover economies, but the moves will not show prompt effects. Meanwhile, the huge sums of money to be pumped have even raised the worries about the possible high inflations, thus making gold more attractive in the eyes of investors.
On the domestic market, the gold prices quoted by different gold shops in
Meanwhile, customers don’t care about the price ups and downs, and they do not come to gold shops to make purchases or sales these days.
The owner of a shop next to Ben Thanh market said that he has opened the shop soon after Tet holiday because he wanted to kick start the business on an auspicious day. Meanwhile, he well knows that no buyer will make transactions these days, adding that transactions will only be made after the 10th day of the Lunar New Year.
The gold price quoted by Saigon Jewellery Company on its website is VND18.05-18.15mil/tael. The world’s price is now VND1mil/tael higher than the domestic price, which shows that the domestic market has not been restarted yet.
Khanh said that experts believe that the gold price performance in 2008 will repeat in 2009. This spells that the price will increase at the beginning of the year, reach the highest peak in the mid year, when it may reach the record level of over $1,000/oz, and then decrease gradually in the third and fourth quarters of the year.
Economists said that the