Nov 9: Vietnam gold tops VND38Mln, Dollar hits VND21,150

Vietnam gold prices on November 9 sets a fresh all-time high of VND38million/tael, extending its rising momentum to the 8th consecutive day since November 2. Meanwhile, dollar prices hits a new peak of VND21,150 in the free market.

Vietnam gold prices on November 9 morning sets a fresh all-time high of VND38million/tael, extending a new round of record-breaking momentum to the 8th consecutive day since November 2, up VND4.5million since November 1. Meanwhile, dollar prices hits a new peak of VND21,150 in the free market.

At 9:45 a.m., SBJ was listed at VND37.6million/tael and VND38million/tael for bid and ask, respectively.

Bid and ask of Thang Long bullion, a product of Bao Tin Minh Chau were listed at VND37million/tael and VND37.6million/tael for bid and ask, respectively.

Phu Quy SJC in Hanoi at 9:05 a.m.was listed at VND36.85million/tael and VND37.12million/tael for bid and ask, respectively.

Despite the ascent of the gold prices to fresh all-time highs, bullish enthusiasm remained tepid.

In New York trade last night, gold powered to settle at an all-time high above $1,400 an ounce Monday, extending its record-breaking rally to a third day, as safe-haven buying prompted by renewed budget problems in Ireland more than offset a sharp dollar bounce.

Spot gold was last bid around $1,410 an ounce. U.S. gold futures December Delivery settled up $5.50 to end at $1,403.20 an ounce.

On Monday, market anxiety was focused mainly on Ireland. “The bond situation in Ireland was worse than expected, so investors looked to move money into a safe haven, which is gold,” said Michael Daly, gold specialist at futures broker PFGBest.

“People have gotten to the point that they have lost confidence in fiat currencies and they are choosing gold as their currency of choice,” he said.

Daly also cited remarks by World Bank President Robert Zoellick that leading economies should consider readopting a modified gold standard. Even just a mention of using gold to guide currency movements provided a “great fuel” to the metal’s price, Daly said.

In the local market, dollar prices at the gold shops were sold at VND21,000 for bid and ask, respectively. Meanwhile, those at Vietcombank are capped at VND19,490 and VND19,500 for bid and ask, respectively. – Stoxplus.com

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