Vietnam & World Gold Market News

Vietnam Gold Market News

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Gold jumps to 18-month high on weaker dollar, inflation outlook   2009-09-13 - Thanh Nien, Bloomberg

Gold this week rose to the highest price since March 2008, topping US$1,000 an ounce.


Bullion surged as high as $1,009.70 in New York on September 8, within 3 percent of the record of $1,033.90 set in March 2008. The metal is headed for a ninth annual gain. Crude oil and all six industrial metals on the London Metal Exchange rallied as the US Dollar Index fell as much as 1.2 percent to an 11-month low.

Raw materials typically rise when the greenback falls.

“The market thinks inflation is coming,” Leonard Kaplan, president of Prospector Asset Management in Evanston, Illinois, said by telephone. He has been trading gold for more than 30 years and believes gold won’t stay above $1,000 for long. “With interest rates so low, money is chasing money and the dollar is getting murdered.”

Governments have cut interest rates and boosted spending to fight the worst recession since World War II, spurring investors to buy bullion as a hedge against the prospect of accelerating inflation and currency debasement. Gold, silver and palladium holdings in exchange-traded funds have reached record highs.

Gold in Vietnam leaped to a record high this week on the back of international price’s consecutive rallies.

Gold price of the Saigon Jewelry Holding Co., Vietnam’s largest gold merchant, rose for the fifth straight day to reach the all-time high of VND22.18 million per tael, or $1,036.82 an ounce, on Tuesday. A tael equals to 1.2 ounces.

Gold may set a record within five sessions and “it’s possible” that it will touch $1,200 within weeks, Prospector’s Kaplan said. “And if a new record doesn’t come soon, it doesn’t come in the near future,” Kaplan said. “Markets thinkthat the Fed isn’t going to withdraw stimulus money fast enough and that would cause inflation.”

“We don’t see any immediate recovery in the dollar and gold is one of the better alternatives,” said Bernard Sin, head of currency and metals trading at bullion refiner MKS Finance SA in Geneva. “From here, the next technical level is $1,040, and at the rate it’s going, it might not be difficult. There’s a lot of new money coming into gold.”

Other news

Banks raise gold rates to attract deposits   2009-09-13

Local gold breaks VND22 million   2009-09-09

Gold climbs to VND21.37 million a tael   2009-08-05

Gold prices down, purchases up   2009-07-07

Vietnam gold prices up slightly   2009-07-03

Gold trading floor is playing field of banks only?   2009-07-02

Gold price tipped to rise as US strategy increase inflation threat   2009-06-24

Gold down, oil up   2009-06-20

Gold price volatility staggers investors   2009-06-16

Investors selling gold to purchase stocks   2009-06-12

Gold’s uptrend may end soon   2009-06-11

Gold price falls as stocks surge   2009-06-03

Gold climbs to three-month high on weaker dollar   2009-06-02

Gold jumps to new high   2009-05-31