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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.



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