Gold soars to above VND40.1 million

The price of gold in Vietnam jumped to an all-time high of VND40.15 million a tael (1.2 ounces) on July 30 as global price surged to record on demand for an investment haven amid mounting concerns on the US debt impasse and signs of a faltering economy.

Ho Chi Minh City-based jewelers bought SJC-brand gold at VND40.05 million and sold at VND40.13 million.

Meanwhile, Hanoi-based jewelers purchased the metal at VND40.05 million and sold at VND40.15 million.

The inter-bank exchange rate was unchanged at VND20,608 per dollar. State-owned Vietcombank bought dollars at VND20,560 and sold at VND20,610. Meanwhile, Asia Commercial Bank collected the greenback at VND20,540 and sold at VND20,600.

Internationally, gold soared to record after a government report showed that the US gross domestic product rose less than forecast in the second quarter, boosting demand for safe-haven investment.

Gross domestic product expanded at a 1.3 percent annual rate in the second quarter, after a 0.4 percent pace in the prior period, the worst six months since the recovery began in June 2009, Commerce Department figures showed yesterday.

Gold for immediate delivery closed at $1,627 an ounce on the Comex in New York. Earlier, the metal hiked to $1,632 an ounce.

Holdings at SPDR Gold Trust, the world’s largest exchange traded fund backed by bullion, increased by 0.61 metric tons to 1,263.58 metric tons. This week, the company bought 21,81 metric tons.

By Thuy Doan

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