Gold traded at record high

July 16, 2011 | 17:13

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The price of gold in Vietnam made a new record at VND39.13 million a tael (1.2 ounces) on July 16 as global price set for the nineth trading session of gains, the longest rising run in the past 40 years.

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Most gold shops collected gold at around VND39 million and sold at above VND39.1 million a tael this morning, an increase of VND200,000 a tael higher than the previous day.

Sacombank Jewelry Company bought the metal at VND39.03 million and sold at VND39.13 million as of 10 am local time.

Hanoi-based Phu Quy Jewelry Company purchased SJC-brand gold at VND38.98 million and sold at VND39.08 million at the same time.

This week, the metal rallied VND1.1 million a tael. However, domestically, gold still fetched around VND500,000 lower than global price.

Internationally, gold gained for nine straight trading sessions as a weaker US dollar spurred demand for the precious metal as an alternative asset. Concern rises as the US is getting closer to losing its top credit rating.

Gold for immediate delivery surged as much as $7.1 an ounce, or 0.5 per cent, to close at a record high of $1,595.1 an ounce on the Comex in New York.

Holdings at SPDR Gold Trust, the largest exchange traded fund backed by bullion, increased by nearly 11 metric tons to above 1,236 metric tons, the company’s website showed. This week, the company bought 31 metric tons.

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