Gold fluctuates around VND45 million

The price of gold in Vietnam hovered around VND45 million per tael (1.2 ounces) on November 2 while global price was treading water ahead of two important meetings in Europe and the US this evening.

Sacombank Jewelry Company bought gold at VND44.8 million and sold at VND45 million as of 8:25 am local time.

Saigon Jewelry Company, the biggest gold shop in Vietnam, and Hanoi-based Phu Quy Jewlery Company collected gold at VND44.8 million and sold at VND45.05 million.

Domestically, gold fetched VND1.2 million a tael higher than global price.

The US dollar exchange rate at commercial banks stayed the same as of the previous day. Meanwhile, on black market, the greenback was bought at VND21,400, and sold at VND21,450, an increase of VND100 per dollar in buying price, and VND50 per dollar in selling price over the previous day.

Internationally, the pressure caused by a stronger US dollar and bad news from Europe sometimes sent bullion price to US$1,680 an ounce in New York last night. However, the metal recovered at the end of trading session due to bottom fishing demand.

Greece’s Prime Minister George Papandreou called a referendum and a parliamentary confidence vote yesterday, raising the prospect of derailing a European bailout effort and pushing Greece into default.

Gold for immediate delivery rose as much as $4.8 an ounce to close at $1,720.9 an ounce on the Comex in New York.

In Asia, spot gold surged $5.7 an ounce to trade at $1,726.7 an ounce at 10:30 am Vietnamese time.

The euro exchange rate against the US dollar was at $1.37 a euro in Tokyo at 10:40 am Vietnamese time.

Crude oil futures lost $0.72 a barrel to trade at $91.47 a barrel on the New York Mercantile Exchange at the same time.

By Thuy Doan

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