Gold, US dollar prices surge to new height

07/09/2007 -- 6:08 PM

Ha Noi (VNA) - Domestic gold prices were all added 100,000 VND each tael, surpassing the 13.3 million VND (816 USD) mark due to the impact from an unexpected record spike in world prices over one month and a half. One tael of 999.9 pure gold was sold at 13.34 million VND (822 USD) in Ha Noi's Bao Tin Minh Chau Company and at 13.39 million VND (823 USD) in Ho Chi Minh City's Sai Gon Jewellery Holding Co (SJC). Despite the on-going price hike, domestic purchasing power has not fell as the wedding season is coming. The gold sale volume rose by almost 50 percent at the Bao Tin Minh Chau Company. "Not only jewellery, but gold bars also are sold like hot cakes," said Vo Thanh Tam of the Bao Tin Minh Chau Company. Precious metals transactions in the world market also increased because of unexpected changes in the world oil market. By the night of September 5, gold futures surpassed 690 USD per ounce, up 1.3 percent over the previous session and the record high since the end of July. Meanwhile, the value of the US dollar price against the Vietnamese dong also rose. The USD-VND exchange rate made a record leap to reach16,310 VND on the free market on the afternoon of September 6. From 2002 to 2006, the USD-VND exchange rate only rose between 0.7-1 percent annually but it has rise by 1.4 percent since early this year.-Enditem
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