Gold surges to new high

Gold surged by VND700,000 a tael, or 37.5 grams, to nearly VND24.80 million on November 4, an all-time high in Vietnam, as a weak dollar sent investors scurrying to alternative assets.

Gold shops bought the metal at VND24.6 million and sold at nearly VND24.8 million.

Trading volume was fairly high. Saigon Jewelry, Vietnam’s biggest gold trader, said volume was more than 7,000 taels, with its sales three times higher than purchases.

At the SBJ trading floor, the volume reached 390,000 taels by 4:10 pm.

In London gold rose to US$1,092 - $1,093 an ounce, $7-9 higher than the previous day’s close in New York, also a record high.

In China, spot gold topped $1,091.80.

The metal rose sharply after the International Monetary Fund sold 200 tons of gold to the Indian Central Bank.

Reuters reported that China is likely to buy a part of or the entire amount of 200 tons the IMF plans to sell further.

China has increased its gold reserve by 76 percent since 2003 to 1,054 tons.

By T.Hang, Mai Thi - Translated by Thuy Doan

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