Local gold gains more than $11 on the day

The Saigon Jewelry Company announced Tuesday that its gold price had increased VND190,000 (US$11.4) per tael to close the day at VND18.64 million ($1,122) per tael.

World gold also increased by $3 per ounce Tuesday, to $885 per ounce (one tael equals 1.32 ounces).

The Vietnam Export Import Commercial Joint-Stock Bank attributed the increase to the decreasing value of US dollars and the increasing price of oil.