July 27: Vietnam gold tops vnd40mln/tael first time

Vietnam gold on Wednesday morning surged over VND250,000/tael to nearly VND40,1million/tael, marking a fresh all-time high, as global gold prices hit record for the sixth time in two weeks on U.S debt impasses.

At 8.30 a.m., Sacombank in Ho Chi Minh City raised bid and ask for SBJ bullion to VND40.01million/tael and VND40.07million/tael, respectively, the state media reported, adding that the gold trader has adjusted gold prices at least 4 times so far.
At 9 a.m. Hanoi’s time, SJC at Phu Quy and Thang Long bullion gold at Bao Tin Minh Chau were both listed at VND39.98 million/tael and VND40.09million/tael for bid and ask, respectively.
Notably, gold prices surged VND2.4million/tael from early July, making those who took profit at prices of VND38-39million/teal likely lost VND1-2million/tael, the VnEconomy noted.
In New York trade last night, spot gold hit an all-time high on Wednesday, for the sixth time in two weeks, as a deadlock in U.S. debt ceiling talks continued to drive up safe-haven buying in bullion.
Spot gold rose as high as $1,622.66 in early Asian trade, before easing to $1,621.99 by 0058 GMT. It was up in 16 of this month’s 19 trading sessions so far.
U.S. gold futures gained 0.3% to $1,622.30. It set a record of $1,624.3 on Monday.
Investors are waiting to see if the Republican and Democratic leaders can break the deadlock over raising the U.S. debt [cnbc explains] ceiling beyond $14.3 trillion as an August 2 deadline looms.
A small majority of economists polled by Reuters said the United States would lose its top-notch AAA credit rating from at least one major rating agency.
“The same arguments about potential government bond fallout are still being made,” said a Singapore-based trader, “but people are on the sidelines ahead of the August deadline waiting to see whether or not the U.S. is going to avoid a technical default.”
Adding to the uncertainties, the U.S. House of Representatives on Tuesday postponed an expected Wednesday vote on a Republican plan to raise the debt ceiling after budget experts said it would not deliver the spending cuts it claimed. -Stoxplus.com

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

Posted by VBN on Jul 27 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