Gold breaks another record, climbs near $1356
Friday, 8 October 2010
SINGAPORE, Oct 7 (Commodity Online): Gold created yet another record Thursday as investors bought up the precious metal to hedge against inflation amid Vietnam's announcement of gold imports to curb rising prices.
Gold for immediate delivery was seen trading at $1353. 24 an ounce at 1.00 pm Singapore time after hitting a high of $1555.55 an ounce in early trade.
US gold futures for December delivery was at $1,354.9 after touching as high as $1,356 an ounce in early trade.
Vietnam's central bank said Thursday it may allow companies to import gold, potentially reversing a more-than-two-year ban, according to reports, with the announcement sending spot gold to a new record.
The move is an attempt to help stabilise local prices for the metal, which have recently outpaced global settlement levels, the reports said.
Meanwhile, Spot silver hit a new 30-year high at $23,36 an ounce, and was last quoted at $23.35.
Gold for immediate delivery was seen trading at $1353. 24 an ounce at 1.00 pm Singapore time after hitting a high of $1555.55 an ounce in early trade.
US gold futures for December delivery was at $1,354.9 after touching as high as $1,356 an ounce in early trade.
Vietnam's central bank said Thursday it may allow companies to import gold, potentially reversing a more-than-two-year ban, according to reports, with the announcement sending spot gold to a new record.
The move is an attempt to help stabilise local prices for the metal, which have recently outpaced global settlement levels, the reports said.
Meanwhile, Spot silver hit a new 30-year high at $23,36 an ounce, and was last quoted at $23.35.