HANOI, Sep. 24, 2010 (Xinhua News Agency) -- Vietnam's average gold prices climbed to a record high of 30.40 million Vietnamese dong (1,560 U. S. dollars) a tael, equivalent to 1.2 ounce, on Friday, up 50,000 Vietnamese dong (2.56 U.S. dollars) a tael from Thursday afternoon.
In the capital city Hanoi, Phu Quy Company quoted buying gold price at 30.31 million Vietnamese dong (1,556 U.S. dollars) a tael on Friday and selling gold price at 30.37 million Vietnamese dong (1,559 U.S. dollars) a tael.
In the country's southern Ho Chi Minh City, Sacombank Company quoted buying gold price at 30.32 million Vietnamese dong (1,557 U. S. dollars) a tael and selling gold price at 30.36 million Vietnamese dong (1,559 U.S. dollars) a tael on Friday.
During the week, domestic gold prices hovered from 30.01 million Vietnamese dong (1,540 U.S. dollars) to 30.40 million Vietnamese dong (1,560 U.S. dollars) a tael.
Gold supply in the country is rather low at the moment as a big amount of gold in form of jewelry has been exported out of Vietnam so far this year, said the industry insiders.
Gold prices at the moment experienced an upward trend and local analysts expected domestic gold prices to continue to go up as world gold prices increased.
Local analysts expected world gold prices to go up to 1,300 U.S dollars an ounce next week as the United States' Federal Reserve is planning to loosen the monetary policy to stimulate the country' s economic growth.
While gold price remained a record price, U.S. dollar price at gold shops in the country continued to remain stable on Friday.
In Hanoi, these shops bought U.S. dollars at the exchange rate of 19,500 VND and sold one U.S dollar at 19,520 VND to one U.S. dollar, posting a slight slip of 10 dong (0.05 U.S. cent) compared to that of Thursday.
At local commercial banks, the selling exchange rate of U.S. dollars over Vietnamese dong is 19,500 VND while buying rate is over 19,480 VND.
