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This follows the weakening of the US dollar and the sale of 200 tonnes of gold by the International Monetary Fund to the Reserve Bank of India .
At Sacombank Jewelleries at 2.45pm on Nov. 3, gold was bought for 24 million VND a tael and sold at 24.05 million VND.
Market watchers said this was the highest price ever for domestic gold. Several times previously, the price reached nearly 24 million VND, but this was the first time it reached - and passed - this level.
Bao Tin Minh Chau, a major gold distributor in Hanoi , listed the buying and selling price at 24.06 million and 24.16 million (1,351 1,357 USD) a tael (one tael is equivalent to 1.2 ounce).
Hoang Huu Dinh, from Bao Tin Minh Chau, said the new record price followed favourable moves on global gold markets caused by the weakness of the US dollar.
He said the IMFs decision to sell tonnes of gold to India was also behind the price climb on global and local markets.
This means the gold price will climb further in the foreseeable future, he said, pointing to soaring prices as the reason for the easing trade in jewelry shops on Nov.3.
A commercial bank analyst said the IMF sale would signal fewer official sales of gold on the market, but would be positive for market growth.
However, he said the possibility of low interest rates remaining as a US Federal Reserve meeting could boost gold prices in the near future.
The gold price on the New York Stock Exchange on Nov. 3 was 1,061.3 USD an ounce while the price in kitco.com, leading retailer of the metal, was around 1,067 USD an ounce.
As a consequence, the domestic gold price will soon peak to new record, and for day traders, it would be agood smell to participate, the banks analyst said, forecasting that gold trading would soon be noisy again.-
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