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Gold price jumps on failed US$700 billion bailout   2008-10-01 - Tien phong, DTCK

The domestic gold market became scorching hot yesterday with the price surging to over VND18 million/tael after investors heard about the US House of Representative’s rejection of the $700 billion financial rescue legislation.


The price of gold has soared as investors consider gold to be a safe shelter in the crisis.


SJC in-kind gold price was quoted at VND18.06-18.18 million/tael (purchase and sale) on the morning of September 30, increasing by VND260-290,000/tael over the price on September 29. As of 5pm on September 30, the price was VND18.07-18.17 million/tael.


The price of gold at Bao Tin Minh Chau’s shop was VND18-18.18 million/tael (purchase and sale) yesterday, which represented the increase of VND300-330,000/tael over the previous day.


The Saigon Gold Trading Floor opened on September 30 at VND18.229 million/tael, and then escalated. The price at 5 pm on September 30 reportedly reached VND18.276 million/tael, an increase of VND437,000/tael over the previous day. 252,050 taels of gold were traded yesterday, worth VND4,603 billion.


International press agencies have reported that the gold prices have also been skyrocketing on the world market. Investors have been trying to sell their stakes to flee from the troubled stock markets and purchase gold to save their assets. Meanwhile, central banks do not have any plans to sell more gold in the time to come, despite the increased demand.


At 2 pm Hanoi time on September 30, the gold price in the Asian market reportedly reached $902.2/oz, while the closing price on September 29 was $880/oz.


The Dau tu chung khoan newspaper quoted Charles Dowsett, a finance expert of ABN Amro Holding NV, as saying that the gold price may surge to $950/oz  in the days to come as no way out has been found for the financial crisis.


When asked to give forecasts about the gold price performance in the days to come, Nguyen The Hung, Chief Representative of MKS Finance in Vietnam, one of the leading Swiss gold producers and financers, said that the gold price will depend on the measures that will be taken by the US Government to deal with the financial crisis.


“It will take one or two years at least to settle the existing problems, therefore, it would be profitable to inject money in gold now,” he said.

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