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Gold jumps to new high   2009-05-31 - TN, Bloomberg

Gold jumps to new high
 
   
Gold prices in Vietnam soared to a new record of VND21.3 million a tael, or US$1000 an ounce, Saturday, as global prices rose to a three-month high in New York and London due to a weaker dollar.

 

Gold passed the VND21-million mark on Friday but volume remained low, with traders expecting prices to escalate further. Gold has already jumped 17 percent in Vietnam this year.

Precious metals typically move inversely to the US currency.

“Extreme dollar weakness is adding to the momentum,” Pradeep Unni, an analyst at Richcomm Global Services in Dubai, said Friday in a note. “Ascending oil prices, concerns of inflation and fears of massive US debt have certainly been supporting” gold, he said.

Gold futures for August delivery jumped $17.10, or 1.8 percent, to $980.30 an ounce on the Comex, after touching $982 earlier, the highest for a most-active contract since Feb. 24. Gold gained 10 percent this month in New York, the most since November.

Spot gold gains

In London Friday, gold for immediate delivery advanced $16.24, or 1.7 percent, to $975.70, pushing it to a 9.9 percent rise for the month.

“North Korea’s nuclear test was a cause for concern on the geopolitical front,” said Ralph Preston, a commodity analyst at Heritage West Futures Inc. in San Diego. “It’s more than a coincidence that gold is moving towards its all time high this week.”

North Korea launched a sixth test missile this week. On May 25, the Asian nation exploded an atomic device underground and later said it would no longer abide by the agreement that ended the Korean War in 1953.

Gold may rise to $1,400 an ounce during the next year, said Stephen Platt, an Archer Financial Services Inc. commodity analyst in Chicago.

The metal rose to $975.50 in the Friday afternoon “fixing” in London, used by some mining companies to sell their output, from $957.75 Thursday.

 



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