Gold drops below VND46 million a tael

The price of gold in Vietnam fell to below VND46 million a tael (1.2 ounces) on November 21 due to drop in the global market.

Sacombank Jewelry Company bought gold at VND45.75 million and sold at VND45.9 million around 10:45am Vietnamese time.

Saigon Jewelry Company, the biggest gold processing and trading company   in Vietnam, collected gold at VND45.7 million and sold at VND45.9 million around 10:20am Vietnamese time.

Hanoi-based Phu Quy Jewelry Company purchased SJC-brand gold at VND45.7 million and sold at VND45.9 million at 11:31am Vietnamese time.

Domestic gold fetched around VND1.5 million a tael, higher than global price.

On the black market, one dollar was bought at VND21,280 and sold at VND21,330, a decline of VND50 per dollar in buying and VND40 per dollar in selling price. Meanwhile, the US dollar exchange rate remained at VND21,005 for buying, and VND21,011 for selling for more than two weeks. The interbank exchange rate stayed at VND20,803.

Internationally, gold declined as investors became cautious after Spain’s general election in which the opposition won by a majority.

Gold in Asia fell as much as $0.8 an ounce to close at $1,725 an ounce at 10:25am Vietnamese time.

The European debt crisis has affected gold in two ways. On the one hand, the turmoil boosted the appeal of the precious metal as a safe-haven investment. On the other hand, it strengthened the US dollar, causing depreciation of the metal. Meanwhile, gold was under selling pressure at the same time as investors needed cash to make up losses for stocks, bonds, and commodities.

The euro exchange rate against the US dollar rose to above $1.35 a euro in Tokyo this morning.

Crude oil prices for December dropped $1.19 a barrel to trade at $97.45 a barrel at 10:40am Vietnamese time.

By Thuy Doan

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