Gold rockets to VND49 million per tael

The price of gold in Vietnam hit VND49 million per tael (1.2 ounces) at 3.30 p.m. on February 24, an increase of VND2.1 million per tael compared to that in the morning of the same day, the highest increase in several years.
Gold bars saw a higher increase than gold rings on February 24 while it usually happens inversely.

At the same time, the global gold price on the Kitco also soared strongly to trade at US$1,684 an ounce, an increase of nearly $45 an ounce compared to the previous trading session. According to experts, the precious metal is on its way to conquer the all-time high of nearly $1,790 an ounce it made in 2012. If converted into Vietnamese dong, the global gold price was trading at VND49 million per tael and Saigon Jewelry Company was the trader whose gold price was nearest to the global price.

Meanwhile, Vietnam’s stock market flooded in red on February 24. On the Ho Chi Minh City Stock Exchange, the VN-Index plummeted 29.75 points, or 3.19 percent, to close at 903.34 points. The VN30-Index also lost 31.49 points, or 3.62 percent, to 837.4 points. In Hanoi, the HNX-Index fell 3.62 percent and the UPCoM-Index declined 1.9 percent. Several large-cap stocks dropped heavily or even hit the bottom. Particularly, VIC sank 2.37 percent; VHM dived 2.44 percent; VCB slid 2.02 percent; BID slashed 6.46 percent.

The market recorded a sharp increase in the liquidity with around VND6 trillion being traded. Of which, foreign investors continued to net sell VND45 billion in the market.

By Hai Ha – Translated by Thuy Doan

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