ASEAN KEY DESTINATIONS
The government devalued last week to boost exports and shore up the nation’s trade deficit, driving the dong to a record low. Vietnam’s benchmark stock index has
slumped into a so-called bear market, plunging by more than 20 percent from a high in May. Gold priced in dollars reached a record in June on concern that the global recovery may falter.
“Gold and strong foreign currencies, like U.S. dollars, will draw investment from Vietnamese people, especially with the recent declines in the stock market and the
devaluation of the dong,” said Nguyen Hoang, a Hanoi-based analyst at Vietnam Gold Business, which trades the metal for banks and companies.
Immediate-delivery gold surged to an all-time high of $1,265.30 an ounce on June 21 over concern that the economic recoveries in the U.S. and Europe were losing
momentum. The metal was at $1,235.90 at 3:17 p.m. in Singapore today and is set for a 10th annual gain, buoyed by central-bank buying and increased investor holdings in exchange-traded funds
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