Vietnam & World Gold Market News

Vietnam Gold Market News

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Gold reaches record high prices in Vietnam   2009-10-15 - Thanh Nien, Reuters

Domestic gold Wednesday soared to an all-time high of 23.87 million a teal (US$1,104) as globally, the metal rose to hover just below record highs as the dollar extended losses against a basket of currencies.



Saigon Jewelry Holding Company, Vietnam’s largest gold merchant, announced that prices flared to hit VND23.85 million per tael in Ho Chi Minh City and VND23.87million in Hanoi as of 12 p.m. on Wednesday, up VND300,000 from Tuesday’s close. A tael is slightly more than 1.2 troy ounces.

Pham Hoang An, director of Sacombank Jewelry Company, said both buyers and sellers should be cautious in their trading as big fluctuations in gold prices contain risks.

In Tokyo, spot gold inched up 0.3 percent to $1,066.15 per ounce, approaching the all-time high of $1,068.30 an ounce hit on Tuesday. Gold has rallied 12 percent since the beginning of September.

Most-active December gold futures also edged up to $1,067.7, a rise of 0.3 percent from the COMEX division of the New York Mercantile Exchange and just below a record high of $1,069.7 reached on Tuesday.

 “Gold's still on a strong momentum but I think market players will be cautious about entering into the gold market now,” said Adrian Koh, an analyst at Phillip Futures in Singapore.

 “The key is still the dollar's movement and if it continues to head lower then there's more room for gold to make new highs,” he said.

 The dollar index fell below 75.700 to its lowest since August 2008, while the euro climbed to a fresh 14-month high of

$1.4888 as investors bet on higher-yielding currencies and commodities on growing optimism about the global economy.

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

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

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Gold price volatility staggers investors   2009-06-16

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