Gold hits fresh high on unsettled US debt dispute

July 27, 2011 | 16:21

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Gold broke past the VND40 million ($1,944.6) mark in Vietnam Wednesday morning after globally the metal hit an all-time high of $1,623.1 as US politicians continued to wrangle over debt.

Sacombank Jewelry Co in Ho Chi Minh City bought gold at VND40.01 million a tael (37.5 grams) and sold it at VND 40.07 million at 8.50 am, up VND280,000 and VND310,000 from the previous day.

At Saigon Jewelry Co in Hanoi, Vietnam’s biggest gold trader, the rate was up VND350,000.
The earlier record price of VND39 million was set earlier this month.

The metal has surged by VND2.4 million since July.

However, the price remains around VND250,000 a tael lower than international prices despite narrowing the gap from VND350,000-400,000 earlier this month.

Spot gold hit an all-time high on Wednesday, the sixth time in two weeks, as a deadlock in US debt ceiling talks continued to drive up safe-haven buying in bullion, Reuters said.

It rose as high as $1,622.66 in early Asian trade, before easing to $1,621.99. It has been up in 16 of this month's 19 trading sessions so far.

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