Customers trade in gold in HCMC. Despite the high gold price, gold trading was not much excited in the weekend as people are waiting for a higher price - Photo: Le Toan

The local gold price hit the record high of VND39.1 million per tael over the weekend in line with the global gold price that also reached its highest level on the last trading session last week.

Saigon Jewelry Co. (SJC) on Saturday afternoon quoted its selling price at VND39.04 million per tael, rising VND100,000 per tael from the previous day. Meanwhile, Phu Nhuan Jewelry Co. quoted the selling price at VND39.11 million and Hanoi-based Bao Tin Minh Chau Jewelry Co. gave the selling price of VND39.06 million per tael at the same time. A tael equals to 1.2 troy ounces.

Nguyen Cong Tuong, deputy head of sale department of SJC, said that trading during Saturday morning slowed down as this was the end of the week. In addition, many investors are waiting on the sidelines to see whether the global price will beat US$1,600 an ounce in the future to take profits, he added.

However, the fluctuating gold price has stirred up the market lately as the company’s trading volume has doubled since early this month. SJC’s trading volume was around 4,000-5,000 taels a day last week, he added.

Meanwhile, the trading volume at Sacombank Jewelry Co. last week hit 15,000 taels given the fluctuating gold price, the highest level in the past three months.

In Hanoi, private gold shops also saw quiet trading during the weekend. Vu Minh Chau, director of Bao Tin Minh Chau Jewelry Company, said that people did not sell much gold last Saturday compared to the two previous days.

Gold on the New York market ended last week at US$1,594.1 an ounce, the highest ever on fear of the debt crisis in Europe spreading its contagion to Italy.

The Saigon Times Daily