Bullion continues heading south

The price of gold in Vietnam dropped by VND100,000 a tael (1.2 ounces) over the previous day on November 17 as global price lost nearly $20 an ounce in the trading session last night in New York.

Sacombank Jewelry Company bought gold at VND46.1 million and sold at VND46.3 million as of 1:15 pm Vietnamese time.

Saigon Jewelry Company, the biggest gold processor and trader in Vietnam, collected gold at VND46.05 million and sold at VND46.25 million as of 1:35 pm Vietnamese time.

Hanoi-based Phu Quy Jewelry Company purchased SJC-brand gold at VND46 million and sold at VND46.22 million as of 12:34 pm Vietnamese time.

Domestically, gold fetched around VND850,000 a tael higher than global price.

Internationally, gold devalued as the US dollar became stronger, lessening demand for the precious metal as an alternative investment channel.

Gold for immediate delivery fell as much as $18.9 an ounce, or 1.1 percent, to close at $1,763.2 an ounce on the Comex in New York.

Gold futures for December settlement lost $6.5 an ounce to finish at $1,775.7 an ounce.

Gold has declined 1.5 percent since the beginning of this week, however, SPDR Gold Trust, the world’s largest exchange traded fund backed by bullion, net bought 8.69 metric tons of gold on bet that the heavy metal would climb further. The company’s holdings were at 1,277.4 metric tons.

In Asia, spot gold was traded at $1,761.79 an ounce at 1:55 pm Vietnamese time.

The euro exchange rate against the US dollar was at just above $1.35 a euro in Tokyo at the same time.

By Thuy Doan

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