The domestic gold price is now nearly VND1 million ($57) per tael lower than the global price, which also rose Saturday, gaining $25 from Friday’s price to close at $927 per ounce. A tael is 1.2 ounces.
Prices hiked on news that US fourth-quarter gross domestic product shrank at an annual rate of 3.8 percent, the biggest contraction since the first quarter of 1982, said Huynh Trung Khanh, vice chairman of the Vietnam Gold Traders Association.
International investment funds are now buying more gold, Khanh said, predicting that gold prices would continue increasing through the first half of the year.
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