Gold jumps to new record high

The price of gold in Vietnam hiked by VND120,000 a tael (1.2 ounces) on July 18 as the metal hit a new record on global market.

Sacombank Jewelry Company bought the metal at VND39.08 million and sold at VND39.16 million at the opening time.

Saigon Jewelry Company purchased gold at VND39.16 million and sold at VND39.22 million at the same time, the highest price in the history.

Hanoi-based Phu Quy Jewelry Company bought SJC-brand gold at VND39.12 million and sold at VND39.22 million.

Domestically, gold fetched VND450,000 lower than global price.

According to jewelers, gold continuously jumped to records, prompting investors to sell the metal to lock in gains. Rising supply and higher global price have created favorable conditions for exporting gold.

State-owned Vietcombank continued to quote the price at VND21,600 for selling and VND21,550 for buying. The inter-bank exchange rate also poised at VND20,608 per dollar.

Internationally, gold climbed to a record and is set for the best run of gains in more than three decades as US politicians failed to reach agreement on raising the debt ceiling and Europe’s sovereign crisis lingered, boosting haven demand.

Immediate-delivery gold gained as much as 0.3 percent to $1,598.60 an ounce, rising for an 11th consecutive session, the best run since 1980. Spot gold was traded at $1,594.9 an ounce as of 9:10 am Vietnamese time.

By Linh Nga

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