Vietnam & World Gold Market News

Saigon Jewelry Holding Company, Vietnam’s largest gold merchant, announced Wednesday that gold prices had flared to VND21.35 million per tael, or $1,039 an ounce, in Ho Chi Minh City and to VND21.37 million per tael in Hanoi. A tael is equal to 1.2 ounces.

On Tuesday night, the previous metal was traded at $970 an ounce on global markets.

Huynh Trung Khanh, vice chairman of the Vietnam Gold Business Association and a consultant to the World Gold Council, said speculation buying had sent gold prices higher while real demand for gold was now weak and some gold investment funds had continued to reduce their holdings recently.

In London, gold was little changed Wednesday while other precious metals gained.

James Moore, an analyst at TheBullionDesk.com in London, on Wednesday predicted “further resistance around and above $965 as investors switch capital back into riskier assets, while scrap flows could pick up.”

Immediate-delivery bullion slipped $1.15, or 0.1%, to $965.80 an ounce by 11:57 a.m. in London, rebounding from a drop of as much as 0.4%. December gold futures fell 0.2% to $968 an ounce on the New York Mercantile Exchange’s Comex division.