Gold prices reach record high (17-10-2007) Customers shop for gold at a jewellery store. — VNS Photo Truong Vi HA NOI — Gold prices continued to rise today, hitting a 16 month high at VND14.74 million per tael, with experts predicting further gains on the back of a weakening US dollar. Bao Tin Minh Chau Jewellery Co (BTMC) said the precious metal could hit last year’s record peak of VND15.2 million per tael (1.2 ounces) by the end of this month. “If gold prices on the global market remain above US$760 an ounce for some time, local price could easily hit VND14.9 million a tael [this week],” said Nguyen Huu Dang, vice director of operations at BTMC. Spot gold in the European market reached $762 an ounce yesterday, a 28 year high, but then fell back to $760 by late afternoon. Experts are eyeing the $800 level with much anticipation. Local prices are still VND200,000 per tael below global levels. Hoang Khanh Van, owner of Dai Phong Jewellery Shop in Hai Phong City, said many traders are hoarding supplies awaiting more clarity over how high prices could possibly go. A representative from the Viet Nam Gold Trading Council who requested anonymity said yesterday that if the greenback fails to rebound then local gold prices should continue heading north in the short term. Gold remains a popular asset when the US dollar weakens or inflation spikes. Dang predicts trading activity should ease today, forcing prices down to VND14.65 million a tael….