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NEWS UPDATES 27 August 2010

Gold Demand to Soar in Vietnam

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Gold demand in Vietnam, which consumes more of the precious metal per capita than India or China, is set to increase as the third devaluation in the past year and a stock-market slump combine to spur sales.

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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