|
Gold rises again
The price of gold in Vietnam climbed to VND35.85 million a tael (1.2 ounces) on November 30 though global prices hovered below US$1,370 an ounce.
Most gold shops bought the metal at VND35.75 million and sold above VND35.85 million, an increase of VND100,000 a tael over the previous day, as of 9:15 am local time.
Sacombank Jewelry bought gold at VND35.8 million and sold at VND35.85 million.
Saigon Jewelry Co., the biggest gold shop in Vietnam, purchased the metal at VND35.77 million and sold at VND35.85 million.
Meanwhile, SJC-brand gold was bought at VND35.79 million and sold above VND35.89 million at Hanoi-based Phu Quy Jewelry.
Bao Tin Minh Chau bought gold at VND35.78 million and sold at VND35.88 million.
Domestically, gold fetched VND350,000 million higher than global prices.
The price of gold had rarely moved for more than one week, however, it was backed by an escalating US dollar exchange rate on free market.
Dollars were bought at VND21,430 and sold at VND21,480, an increase of VND30 per dollar over the previous day.
Globally, bullion slightly rose as the demand to buy gold for making jewelries for the festival season by the end of the year, and for preventing financial crisis increased.
Gold for immediate delivery climbed as much as $3.1 an ounce to close at $1,368 an ounce on the Comex in New York. Earlier, the metal sank to $1,354 an ounce.
In Asia, gold faintly fluctuated, hovering around the closing price in New York this morning. Spot gold slid $0.6 an ounce to $1,367.7 an ounce as of 9:40 am Vietnamese time.
Gold was continuously under debasement pressure due to a stronger dollar in the past three weeks. The European debt crisis prompted investors to dump high interest rate currencies, including the euro, as well as equities, and other basic commodities for the greenback.
The euro dropped to the lowest level in two months versus the US dollar. The euro exchange rate against the greenback dived to $1.31 in Tokyo this morning, from $1.32 the previous day.
Investors still concerned that the Europe’s sovereign debt crisis might spread widely. Portugal and Spain would be next to ask for a rescue package.
SPDR Gold Trust, the largest exchange-traded fund backed by bullion, bought 1.5 metric tons, raising its holdings to 1,286.6 metric tons yesterday, the company’s website showed.
Crude oil rocketed on concerns over a severe winter in the northern hemisphere.
Crude oil futures for January settlement jumped $1.97 a barrel to close at $85.73 a barrel on the New York Mercantile Exchange.
This morning, crude oil slightly retreated to around $85.5 a barrel.
Thuy Doan
sggp
|
