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Gold changes little
The price of gold in Vietnam slid by VND50,000 a tael (1.2 ounces) over the previous day on December 23 as global prices remained fluctuating around $1,390 an ounce.
Gold was bought at VND35.75 million and sold at VND35.85 million at most gold shops as of 10 am local time.
Sacombank Jewelery Company bought gold at VND35.79 million and sold at VND35.87 million as of 9:55 local time.
Meanwhile, at the same time Hanoi-based Phu Quy Jewelry purchased SJC-brand gold at VND35.77 million and sold at VND35.87 million.
Domestically, gold fetched VND670,000 a tael higher than global prices.
According to gold traders, the demand for cash usually increases by yearend as customers need to make payment and final settlement. Thus, trading on bullion market always turned muted by this time. Besides, a stable US dollar exchange rate on free market, and an unchanged global gold price also helped to maintain the rate steady.
Dollars were bought at VND21,040 and sold at VND21,080 on free market this morning, unchanged as of the previous day.
Internationally, gold changed little as US equities climbed to a two-year high, eroding the appeal of the precious metal as an alternative asset.
Gold for immediate delivery slipped as much as $0.5 an ounce to close at $1,386 an ounce on the Comex in New York.
In Asia, gold rebounded this morning. Spot gold gained $1.5 an ounce to trade at $1,387.5 an ounce as of 10 am Vietnamese time.
Information about the US’s GDP, which rose 2.6 per cent in third quarter, almost had not affected bullion market. The revised 2.6 per cent increase in gross domestic product compares with a 2.5 per cent estimate issued last month and was less than the median forecast of a 2.8 per cent, a Commerce Department report showed.
The euro exchange rate against the greenback fell to $1.3 a euro yesterday. The shared-currency lost 0.08 percent while the US Dollar Index was stable at 80.73.
Crude oil futures for February delivery emerged $0.66 a barrel, or 0.7 per cent, to close at $90.48 a barrel on the New York Mercantile Exchange.
This morning, crude oil climbed to nearly $91 a barrel due to positive data on the US economy and a severe winter in the nothern hemisphere.
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