Gold prices surged by VND920,000 a tael  to VND28.5 million on November 23 as global prices rose sharply.

With this rise, gold prices have gained by VND5 million a tael (37.5 grams) in the last month.

Jewel shops widened the gap between the buying and selling prices to VND300,000-400,000 as they became more cautious following the rise in global prices.

Analysts said the possibility of the metal hitting the record high of VND29 million again as it did on November 11 depends on the global prices.

Some gold shops reported that buying has continued since people expect prices to climb further.

Globally, spot gold gained US$15 an ounce November 23 to rise to $1,167.2.
 
The precious metal has advanced $123.9 an ounce in the last month.

On the free market in Vietnam, the US dollar was bought at VND19,650 and sold at VND19,750, a rise of VND250-350 since last week.