Vietnam gold prices hit recod high
Published on: October 15, 2009 at 10:50
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Gold prices flared to hit VND23.85 million per tael in Ho Chi Minh City and VND23.87million in Hanoi, up VND300,000 from Tuesday’s close. A tael is slightly more than 1.2 troy ounces.
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Domestic gold Wednesday soared to an all-time high of 23.87 million a teal (US$1,104) as globally, the metal rose to hover just below record highs as the dollar extended losses against a basket of currencies.
Analysts said both buyers and sellers should be cautious in their trading as big fluctuations in gold prices contain risks.
Gold has rallied 12 percent since the beginning of September.
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In India, gold is considered as one of the prestigious instruments of investment among the household consumers. Small household units are now becoming potential investors for gold from the key consumers. The demand for consumption purpose is no longer the main driver of demand for the yellow metal, but the systematic investments in retail gold investment options is the latest crush among the small investors in the country. 
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