Vietnam News Network

Vietnam News: Local, National, Business, Sport, Entertainment and Technology

Trade ETHUSD, Bitcoin and Cryptocurrencies

BUY & SELL ETHUSD | View ETHUSD News & Updates

Buy Sell ETHUSD, Bitcoin and Cryptocurrencies

Local gold breaks VND22 million   2009-09-09 - Thanh Nien, Reuters

Domestic gold prices touched a record high of VND22.15 million a tael ($1,027 an ounce) Tuesday as global spot gold and US futures topped $1,000 an ounce for the first time in six months.


Saigon Jewelry Holding Company, Vietnam’s largest gold merchant, said that the gold price shot up to VND22.13 million per tael in Ho Chi Minh City and VND22.15 million in Hanoi as of 6 p.m. on Tuesday, up VND270,000 from Monday’s close. A tael is slightly more than 1.2 troy ounces.

Nguyen Ngoc Que Chi, general director of Sacombank Jewelry Company, said institutional investors were driving the market by increasing their purchases of the metal.

In Tokyo, spot gold and US futures topped $1,000 an ounce for the first time in six months on Tuesday as a weak dollar and concerns about the sustainability of the global economic recovery underpinned sentiment.

Some market players were cautious about prices sustaining such highs, saying the rally had been driven by speculators and that gold was historically an expensive buy.

Futures have topped $1,000 nine times -- three times this year and six last year, including a record $1,033.90. Spot gold has risen above $1,000 just five times, including Tuesday, once in

February and three times in March 2008, when it hit a record $1,030.80.

“Gold's rising price is due to uncertainty all the way from personal investors right through to institutions,” said Sandra Close, an analyst for gold research group Surbiton Associates.

“There are questions out there over the health of economies, where interest rates are going. All that encourages gold hoarding. There's potential to see the price go even higher.”

 Spot gold rose as high as $1,002.55, its highest since February, when it briefly topped $1,000. New York's notional close was $993.85.

 US gold futures for December delivery GCZ9 extended gains to $1,004.80. Futures settled at $996.70 on Friday. US markets were closed on Monday for the Labor Day holiday.

Other news

Vietnam prices to rise 5.7 percent by December: report   2009-09-09

Nam Viet Commercial plans Hanoi stock listing by early 2010   2009-09-09

BUSINESS IN BRIEF 9/9   2009-09-09

Bankers say shifting to use chip cards unnecessary at present   2009-09-09

A great day for the Phu My Bridge and other new ventures   2009-09-09

ANZ: Vietnam trade deficit re-emerges   2009-09-09

Business leaders, officials eye ways to boost northern region industry   2009-09-09

EVN reports delay in power generation projects, again   2009-09-09

Vietnam’s finance support programme the best in Asia: report   2009-09-09

Stocks snap three-day losing streak   2009-09-09

BUSINESS IN BRIEF 8/9   2009-09-08

VinaCapital sells stake in Hilton Hanoi Opera   2009-09-08

Vinacomin expects to start bauxite production as prices rise   2009-09-08

Foreign currency transactions on black market heating up again   2009-09-08