After declining to sell 20 tael of gold at VND60 million (US$2,596) each on August 7, investor Do Thu Hang now calculates she lost VND250 million because of that decision.
Local gold prices ped sharply after the weekend. At 10am on August 10, the prices were rated down nearly VND1 million ($43) from an hour before at VND59 million (US$2,540) per tael.
Gold prices soared near VND57 million (US$2,486) per tael (1.2 ounces) on the local market on first day of the week while the yellow metal also made its history in prices, hitting an all-time high.
On Tuesday, Saigon Gold and Jewelry Company listed each tael of SJC gold at VND50.82 million for buying and VNĐ51.20 million for selling, both up VND300,000 sides from a day before.
The prices of the yellow metal kept soaring in the local market on July 9, reaching VND50.55 million (US$2,195) per tael (1.2 ounces). The prices also went up in the global market.
Gold shops around the country are scrambling to stockpile bullion and
jewellery to take advantage of the massive demand that is expected on
the 10th day of the lunar year, Than Tai (God of Wealth) Day, which
falls on February 17.
Domestic gold demand is expected to surge sharply today as Vietnamese
prefer buying the metal to mark the God of Wealth Day–the tenth day of
the Lunar New Year.