Vietnam gold prices to hit an all time high of VND44.2 million per tael

Domestic gold prices continued to reach a new record at 9:09 am on Monday morning, hitting an all time high of VND44.2 million per tael but the price gradually dropped to VND43.6 million during the following hour.

At 10 am, the price decreased to VND42.8 million.

Gold companies say the gold market is never as hot as today’s morning, with many investors rushing to buy the precious metal in anticipation of further price rises.

On the international market, gold surged to a record on Monday as investors cut riskier assets after the United States lost its top-notch AAA credit rating, Reuters reported.

Oil dropped more than $3, while copper, wheat and corn retreated as the outlook for commodity demand deteriorated amid shaky Western economies and a debt crisis in both sides of the Atlantic.

According to Reuters, benefiting from the gloom, gold climbed to an all-time high above $1,703 an ounce, its 11th record in 19 sessions, as investors sought shelter in the precious metal from the turmoil engulfing financial and commodity markets. Gold has gained more than 19 percent so far this year.

U.S. gold futures GCcv1 also touched a record of $1,705.90 an ounce, while both spot and U.S. silver futures SIcv1 jumped more than 5 percent, Reuters reported.

In related news, exports of gold and jewelry products that have at least 80% of gold content are now taxed at 10% under a new regulation that took effect last Saturday.

The 10% tax was previously applied only to jewelry products that have 99% gold content or more. – Tuoitre

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

Posted by VBN on Aug 8 2011. Filed under Gold. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry