Vietnam's gold prices rise along with global trend

Vietnam's average gold price closed at 45.25 million Vietnamese dong (VND) (2,154 U.S. dollars) a tael, equivalent to 1.2 ounces on Friday, a slight decrease of 150,000 VND (7.1 U.S. dollars) against the previous trading day, but up 650,000 VND (30.95 U.S. dollars) over last Friday. In the capital city Hanoi, the Bao Tin Minh Chau gold shop quoted buying gold price at 44.35 million VND (2,111 U.S. dollars) a tael on Friday and selling gold price at 44.6 million VND (2,123 U.S. dollars) a tael, an increase of 150,000 VND (7.1 U.S. dollars) against the previous day. Meanwhile, the Saigon Jewelry Company (SJC) in southern Ho Chi Minh City quoted buying gold price at 45.05 million VND (2,145 U.S. dollars) a tael and selling gold price at 45.25 million VND (2,154 U.S. dollars) a tael on Friday, a slight decrease of around 150, 000 VND (7.1 U.S. dollars) against previous trading session. During the week, domestic gold prices rose with global gold prices, surpassing the level of 1,700 U.S. dollars per ounce, reaching 1,743.8 U.S. dollars per ounce on Friday. Spot price on the London Bullion Market fell to 1,663 U.S. dollars per ounce on November 23, the lowest level in a month. Bloomberg quoted the forecast by ten most prestigious analysts saying global gold price would reach 1,950 U.S. dollars per ounce by the year-end. Since the beginning of this year, global gold price has increased 24 percent, marking the 11th continual increasing year. Insiders held that global and domestic gold prices would continue to rise as investors still find gold as a safe-heaven for their investment. Meanwhile, the State Bank of Vietnam (SBV) continues to maintain the inter-bank exchange rate at 20,803 VND/USD on Friday since the latest adjustment made on October 28. The USD prices at commercial banks are traded at 21,005-21,011 VND for one buying/selling dollar on Friday, the unchanged rate since October 28, while in the black market, the USD is traded at 21,300-21,350 VND for one buying/selling dollar. Last month, the USD price increased by 0.69 percent, or 9.06 percent in the first 11 months over the same period last year, according to the General Statistics Office.