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Gold, dollar down despite world’s trends
Gold price Tuesday afternoon slipped VND430,000 to VND 37.82 million after gaining VND400,000 in the morning trading session, while dollar price edged down from VND22,150 to VND22,120 a dollar.
The prices of the precious metal surged to VND38.3 million a tael in the morning as global gold extended gains to above $1,400 an ounce, while dollar prices stayed flat at VND22,050 and VND 22,150 for bid and ask.
Those who bought gold at VND35 million a tael before Tet had met their expectation and boosted selling, Nguyen Thi Cuc, deputy general director of Phu Nhuan Jewelry Company told Tuoi Tre.
In Asian trade Tuesday morning, gold extended gains and rose to its highest in seven weeks as growing unrest in the Middle East and rising oil prices underpinned sentiment. It rose to $1,409.70 an ounce as protests that have unseated leaders in Egypt and Tunisia spread to neighboring states.
The appreciating US dollar in the afternoon pushed gold price to below the $1,400 threshold.
In local market, dollar prices are quoted at VND22,050 and VND 22,150 in the free market, while those at Vietcombank are quoted at VND20,785 and VND20,885 for bid and ask, respectively.
Vietnam’s central bank Tuesday weakened the reference rate midpoint to VND20,678 from VND20,673 set Monday, pulling the domestic currency down the first time after extending gains for the latest 10 straight days.
The gold reserve of SPDR Gold Trust was at a nine-month lowest since investors started to bet on the recovery of the global economy, according to Eximbank’s analysts.
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