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Gold declines to VND32.8 million
The price of gold in Vietnam shrank by VND300,000 a tael (1.2 ounces) over the previous day on October 22 as global prices sank to three-week low.
Gold was bought at VND32.75 million and sold at above VND32.8 million as of 9 am local time at most gold shops.
Saigon Jewelry Company fixed the price at VND32.75 million for buying and VND32.82 million for selling.
Sacombank Jewelry Company bought the metal at VND32.77 million and sold at VND32.83 million.
Meanwhile, Hanoi-based Phu Quy Jewelry purchased SJC-brand gold at VND32.75 million and sold at VND32.85 million.
Gold was bought at VND32.73 million and sold at VND32.85 million at Bao Tin Minh Chau Jewelry.
Domestically, gold fetched VND600,000 a tael higher than global prices.
Trading on bullion market turned muted as investors were cautious about recent erratic movements of the metal.
On free market, dollars were bought at VND20,050 and sold at VND20,100, down VND70 per dollar over last morning.
Internationally, gold headed for its first weekly decline in six as a rebound in
the dollar eroded the metal’s appeal as a haven against debasement of the US dollar.
Gold for immediate delivery slumped $20.4 an ounce, or 1.5 percent, to close at $1.326.7 an ounce on the Comex in New York. Earlier, the metal fell to $1,317.1 an ounce.
In Asia, gold fluctuated around the closing price in New York this morning.
The US Dollar Index, which tracks the greenback’s strength against a basket of six major currencies, rose as much as 0.4 percent. The euro exchange rate against the greenback was at $1.39 a euro this morning, almost unchanged as of the previous day.
According to analysts, the US dollar recovered thanked to better than forecast data on the US labor market. A weekly report by the US Department of Labor showed that initial jobless claims for the week ended October 18 decreased by 23,000 to 452,000.
However, this positive report was not strong enough to curb speculation that the US Federal Reserve would take quantitative easing to boost economic growth.
SPDR Gold Trust, the largest exchange-traded fund backed by bullion, dumped another 0.9 metric tons yesterday, sending its holdings to 1,298.3 metric ton.
Crude oil futures for December delivery lost $1.98 a barrel, or 2.4 percent, to close at $80.56 a barrel.
This morning, crude oil recovered to above $81 a barrel.
Thuy Doan
sggp
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