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Gold returns to record
The price of gold in Vietnam on October 7 rebounded after a slight correction at the beginning of the day.
Generally, gold was bought at VND32.9 million and sold at VND32.95-33 million a tael after retreating to VND32.7 million in the morning.
Phu Quy Jewelry bought SJC-brand gold of Saigon Jewelry Company at VND32.89 million and sold at VND33 million as of 12 pm local time.
Meanwhile, in Ho Chi Minh City, Saigon Jewlery purchased the metal at VND32.87 million and sold at VND32.95 million.
Sacombank Jewlery fixed the price at VND32.86 million for buying and VND32.94 million for selling.
Gold hit an all-time high of VND33 million a tael in yesterday’s afternoon, however, it failed to maintain this level till the end of the day.
Domestic gold prices were moving sensitively and complicatedly. Besides a strong influence from global prices, the metal was also affected by an imbalanced supply and demand.
According to gold traders, cut-loss buying demand increased recently while just few customers went to gold shops to sell gold.
Domestically, gold fetched VND800,000 higher than global prices.
Yesterday, an official from the State Bank of Vietnam said that it would consider allowing firms to import a reasonable amount of gold for a suitable duration to stabilize the market in case the rates jumped unreasonably.
The US dollar exchange rate against the Vietnamese dong climbed to VND19,850 per dollar on black market. The foreign exchange agencies collected dollars at VND19,800, an increase of VND30 per dollar.
Internationally, gold climbed to record as concerns over monetary easing policy spurred the demand for the metal as an alternative investment channel.
Gold for immediate delivery rose as much as $8.5 an ounce, or 0.6 percent, to close at 1,350.1 an ounce on the Comex in New York.
In Asia, the metal was trading at $1,355 an ounce as of 12:30 pm Vietnamese time.
The US Dollar Index, a gauge of the greenback’s strength against a basket of six major currencies, fell to the lowest level since the beginning of this year. Dollars stood at 15-year low against the Japanese yen, and nine-month low against the euro as investors expected the US Federal Reserve would continue quantitative easing.
A report released yesterday showed that private business sector unexpectedly cut 39,000 jobs last month.
Crude oil futures for November delivery soared $0.41 a barrel to $83.23 a barrel, the highest level in five months.
This morning, crude oil traded above $83.3 a barrel.
Thuy Doan
sggp
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