Nov 5: Vietnam gold sets fresh all-time high at VND34.8Mln

Vietnam gold on November 5 morning surged over VND600,000/tael from last close to hit a fresh lifetime high of VND34.8million/tael since world gold prices hit the record high in New York as plans by the Federal Reserve to buy more debt.

Vietnam gold on November 5 morning surged over VND600,000/tael from last close to hit a fresh lifetime high of VND34.8million/tael since world gold prices hit the record high in New York as plans by the Federal Reserve to buy more debt.

SBJ was listed at VND34.61million/tael and VND34.89million/tael for bid and ask, respectively. The Sacombank-SBJ jewelry said it adjusted SBJ prices twice from 8a.m. to 8.30 a.m.

Sai Gon SJC was listed at VND34.65million/tael and VND34.82million/tael for bid and ask, respectively. Phu Quy’s SJC in Hanoi was listed atVND34.65million/tael and VND34.85million/tael for bid and ask.

Bid and ask of Thang Long bullion, a product of Bao Tin Minh Chau were listed at VND34.05million/tael and VND34.24million/tael, respectively.

Yesterday, local gold prices soared VND450,000 and VND500,000 from November 3’s close.

In the global market, gold rallied to $1,393.40, the highest ever, in after-hours electronic trading. Gold futures are up 27% this year, heading for a 10th straight annual gain

The dollar fell to the lowest level in almost 11 months against a basket of major currencies after the Fed yesterday said it will buy an additional $600 billion of Treasuries through June to spur growth.

“The Fed gave the green light to just continue buying gold,” said Matt Zeman, a metals trader at LaSalle Futures Group in Chicago. “You can just short the dollar and go long on commodities with impunity. Until the Fed mops up this liquidity, the sky is the limit for gold.” – Stoxplus.com

Tags: vietnam gold, Vietnam gold market, Vietnam gold prices