Vietnam gold prices continue raging

Gold prices in Vietnam broke the psychological threshold of VND90 million ($3,537) a tael, a record high, on Friday morning, tracking a global surge.

State-owned Saigon Jewelry and Germ Stone Co. (SJC) raised its quote in early trade by VND1 million ($39.3) from the close on Thursday to VND88.2-90.5 million ($3,466-3,556) a tael for bids and asks, respectively. SJC lifted its prices by a combined VND2 million a day earlier.

At 11 a.m., this retailer hiked the price to VND89.7-92 million ($3,525-3,615.3) a tael. At 2:12 p.m., the firm elevated its quote to VND90.1-92.4 million, also the closing price.

DOJI, another major gold trader, was offering the precious metal for VND88.5-90 million ($3,477.5-3,537) a tael.

The price of pure gold rings also jumped VND1 million to VND74.35-76.05 million ($2,921.7-2,988.5) a tael at SJC and VND75.05-76.55 million a tael at DOJI. It closed at VND74.85-76.55 million a tael at SJC.

The gold fever has prompted increased trade at gold shops in major cities.

Early on Friday morning (Vietnam time), the international spot gold price stood at $2,348.7 an ounce, up $39.7 an ounce from last night. Gold futures at the Comex New York were $2,356.5 an ounce.

Excluding fees and taxes, global gold is priced at VND72 million ($2,829.3) a tael, representing a spread of VND20 million with Vietnam.

The Vietnamese central bank has yet to announce its next gold auction. In the last auction on Wednesday, it sold 3,400 taels, or one fifth of the volume on offer, at VND86.05 million ($3,382.5) a tael.

At the first successful auction on April 23, the bank sold 3,400 taels at VNND81.32-81.33 million a tael.