Gold peaks new high in Vietnam but fail to spur demand

Gold price in Vietnam September 17 stood near a historic record of VND22.37 million a tael (1.2 ounces) yesterday as globally gold closed trading sessions at above US$1,018 an ounce as the dollar slumped, prompting investors to seek the metal as an alternative asset.

At most gold shops, bullion was bought at VND22.30 million and sold at around VND22.35 million.

The trade gap between selling and buying prices was narrowed to VND100,000 this morning from VND150,000 last evening.

However, most customers remained neglectful with this movement of bullion. Trading was reportedly muted with only a few customers selling at small volumes.

On gold exchanges, matching prices were reaching VND22 million a tael.

On the SBJ trading floor, nearly 219,000 taels changed hands at VND21.81 to VND21.94 million by 10am local time.

Globally, bullion strongly rose on speculation and the debasement of the dollar against other major currencies.

In New York, gold for immediate delivery gained $10.1 an ounce, one percent, to $1,018.3 an ounce. Earlier, the metal touched $1,022 an ounce.

Gold futures for December settlement advanced $13.9 an ounce, 1.38 percent, to $1,020.2 an ounce.

In Asia, the yellow metal steadied above $1,018 an ounce this morning.

Bullion, which typically moves inversely to the dollar, has climbed 15 percent this year.

A series of economic data announced yesterday by the US government has revealed more clear signs of recovery of the world’s largest economy, eroding the greenback’s attraction as a high-safety asset.

Compiled by Thuy Doan

Other news