Hanoi, May 11 (SocialNews.XYZ) Jewelry stores in Vietnam are witnessing a surge in customers flocking to buy gold as prices hit a record high of over 90 million Vietnamese dong (3,536 U.S. dollars) in recent days, as reported by Xinhua news agency, citing VnExpress.
Stores on Cau Giay street in capital Hanoi are experiencing overwhelming crowds, with one store having to limit walk-in customers and only entertain those with prior appointments, according to the newspaper.
Price Escalation and Response
The Saigon Jewelry Company gold bullion price spiked by 2.6 percent to 91.8 million dong (3,607 dollars) per tael on Friday morning after hitting a new high of 89.5 million dong (3,517 dollars) on Thursday afternoon. Additionally, gold ring prices saw a slight increase of 1 percent to 76 million dong (2,987 dollars) per tael on Friday.
Central Bank Auctions
Following the central bank’s auctioning of gold bars in late April, the price of the precious metal has been on an upward trajectory. Recent auction sessions in Vietnam have successfully sold a total of 6,800 taels of gold bars, with a tael equivalent to 37.5 grams or 1.2 ounces.
It’s important to note that the demand for gold in times of economic uncertainty or inflation often drives up prices, as seen in this situation in Vietnam.
Source: IANS
About Gopi
Gopi Adusumilli is a Programmer. He is the editor of SocialNews.XYZ and President of AGK Fire Inc.
He enjoys designing websites, developing mobile applications and publishing news articles on current events from various authenticated news sources.
When it comes to writing he likes to write about current world politics and Indian Movies. His future plans include developing SocialNews.XYZ into a News website that has no bias or judgment towards any.
He can be reached at gopi@socialnews.xyz
