Gold jumps after surge in global price

September 02, 2012 | 18:18

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Domestic gold prices shot up by VND700,000 a tael yesterday, the highest in last six months, after a sudden surge in the global market.

On the Comex division of the New York Mercantile Exchange, gold futures for October delivery were up 0.76 per cent and trading was at $1,691.6 a troy ounce, up from a session low of $1,646.45 and down from a high of $1,671.55 a troy ounce early during the session.

Saigon Jewelry Company, the country’s largest gold trader and producer of gold bullion, under the popular brand name ‘SJC’, hiked around VND600,000 compared to yesterday’s closing session, bringing the metal to VND44.95 million and selling at VND45.15 million.

Meanwhile Bao Tin Minh Chau in Hanoi quoted at VND44.9-45.14 million a tael for bid and ask respectively, while Nguyen Vu Shop in Dinh Tien Hoang Street in District 1 listed at VND45.0-45.12 for bid and ask respectively as of 10.30am Vietnamese time.

Saigon Jewelry Company was allowed to convert 48,000 taels of faulty gold bars into standardized SJC bullion, and those of other brands into standardized SJC bullion to stabilize the market. Le Hung Dung, from SJC, said converting takes little time; however, it takes longer time to check non-SJC bars because there are many brand names.

Elsewhere on the Comex, silver for December delivery was up 1.69 per cent and trading at $30.962 a troy ounce, while copper for December delivery was down 0.34 per cent and trading at $3.435 a pound.