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Gold hovers around VND36 million
The price of gold in Vietnam retreated to around VND36 million a tael (1.2 ounces) on December 15 as global prices declined on a stronger dollar.
Most gold shops bought the metal at VND35.9 million and sold at around VND36 million as of 9:45 am local time, an increase of VND300,000 a tael over the previous day.
Sacombank Jewelery Company fixed the prices at VND35.86 million and sold at VND35.94 million as of 9:50 am local time.
At the same time, Saigon Jewelry Company, the biggest gold shop in Vietnam, bought gold at VND35.9 million and sold at VND35.97 million.
Meanwhile, Hanoi-based Phu Quy Jewelry purchased SJC-brand gold at VND35.94 million and sold at VND36.04 million.
Gold was bought at VND35.92 million and sold at VND36.02 million at Bao Tin Minh Chau.
Domestically, gold fetched VND500,000 a tael higher than global prices.
On free market, dollars were bought at VND21,040 and sold at VND21,090, down VND60 per dollar over the last evening. The greenback has lost VND160 per dollar after climbing to VND21,250 last morning.
Sudden ups and downs of the US dollar exchange rate on free market along with the movements of global prices have driven domestic prices to change wildly in the past one month. Gold failed to show its tendency, fluctuating between a wide range of VND34.5 million and VND36.7 million.
Internationally, gold dropped as signs of the US economic recovery reduced the demand for the metal as an alternative asset.
Gold for immediate delivery rose as much as $1.3 an ounce to close at $1,396.8 an ounce on the Comex in New York. Although climbing to $1,407 an ounce in the trading session last night, the metal failed to maintain this level.
In Asia, gold faintly swung around the closing price in New York this morning as the US Federal Reserve became prudent on the outlook of the country’s economic recovery, citing a high jobless rate, and pledging to carry out the $600-billion stimulus program. Spot gold gave up $1.2 an ounce to trade at $1,395.6 an ounce as of 10 am Vietnamese time.
Holdings at SPDR Gold Trust, the largest exchange-traded fund back by bullion, fell by 3 metric tons to 1,286.8 metric tons yesterday.
The US dollar exchange rate against the euro rose to $1.33 a euro in Tokyo this morning from $1.34 the previous day.
Crude oil futures for January delivery slid $0.33 a barrel to close at $88.28 a barrel on the New York Mercantile Exchange.
This morning, crude oil continued to shrink $0.5 a barrel to $87.78 a barrel as of 10:15 am Vietnamese time.
Thuy Doan
sggp
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