Gold recedes to VND44 million

The price of gold in Vietnam retreated to VND44 million per tael (1.2 ounces) on October 24, driven by weak losing momentum on international market.

Sacombank Jewelry Company bought gold at VND43.65 million and sold at VND43.95 million as of 9:30 am local time.

Saigon Jewelry Company, the biggest gold shop in Vietnam, quoted the price at VND43.65 million for buying and VND43.95 million for selling.

Hanoi-based Phu Quy Jewlery Company purchased SJC-brand gold at VND43.67 million and sold at VND43.97 million at the same time.

Domestically, gold remained fetching around VND2.5 million a tael higher than global price.

The interbank exchange rate was maintained at VND20,748 per dollar. Commercial banks quoted the rate at VND20,950 for buying, and VND20,955 for selling. However, dollars were actually traded at VND21,800.

On black market, the greenback was bought at VND21,650 and sold at VND21,750, a decrease of VND80 per dollar in buying price and VND50 per dollar in selling price over last Saturday.

Internationally, gold slightly rebounded this morning after European leaders announced that they were one step closer to a rescue plan for the region’s sovereign debt crisis in the meeting last weekend.

Spot gold was traded at US$1,644.48 an ounce at 11:20 am Vietnamese time.

The heavy metal lost 2.4 percent last week as investors no longer considered gold as a safe haven asset. The US stock markets rose for three consecutive weeks prompted investors to pump their money into this investment channel.

Crude oil was traded at $88.06 a barrel on the New York Mercantile Exchange at 12:08 pm Vietnamese time.

The euro exchange rate against the US dollar was at nearly $1.39 a euro in Tokyo at the same time.

By Thuy Doan

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