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Gold drops on profit-taking
The price of gold in Vietnam fell by VND300,000 a tael (1.2 ounces) over the previous day on December 2 as global price declined due to investors’ cautiousness.
Sacombank Jewelry Company bought gold at VND45.05 million and sold at VND45.2 million as of 9:10am Vietnamese time.
Saigon Jewelry Company, the biggest gold processing and trading company in Vietnam, collected gold at VND45.05 million and sold at VND45.25 million around 8:36am Vietnamese time.
Hanoi-based Phu Quy Jewelry Company purchased SJC-brand gold at VND45.05 million and sold at VND45.25 million at 8:43am Vietnamese time.
Bao Tin Minh Chau Jewelry Company quoted the price at VND44.35 million for buying, and VND44.55 million for selling at 1pm Vietnamese time.
Domestically, SJC-brand gold fetched VND600,000 a tael, higher than global price, whereas non-SJC-brand gold fetched VND50,000, lower than global price.
Yesterday, most people went to gold shops to sell gold after the metal jumped by VND800,000 per tael. A Sacombank Jewelry Company representative said the company bought 900 taels of gold out of a total trading volume of 1,500 taels yesterday.
On the black market, dollar exchange rate was VND21,180 for buying, and VND21,220 for selling, a decrease of VND10 per dollar over the previous day.
Internationally, gold slid as investors became wary before the US Labor Department releases its monthly payroll report which is considered as a measure of the world’s largest economy’s health.
Gold for immediate delivery dropped as much as $4.1 an ounce to close at $1,746.3 an ounce on the Comex in New York.
Last month, gold surged 2 per cent, marking the seventh monthly gain since the beginning of this year
In Asia, spot gold lost $3.9 an ounce to trade at $1,742.4 an ounce at 8:30am Vietnamese time.
The euro exchange rate against the US dollar was at $1.35 a euro in Tokyo this morning from $1.33 the previous day.
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