Gold seesaws; dollar stalls

The price of gold in Vietnam swung around VND46.2-46.3 million a tael (1.2 ounces) on November 11 as global price recovered in the trading session in Asia this morning after declining in the trading session in New York last night.

Sacombank Jewelry Company bought gold at VND46 million and sold at VND46.2 million as of 10:20 am Vietnamese time.

Saigon Jewelry Company, the biggest gold processor and trader in Vietnam, quoted the price at VND46 million for buying and VND46.2 million for selling at the same time.

Hanoi-based Phu Quy Jewelry Company purchased SJC-brand gold at VND45.97 million and sold at VND46.25 million.

However, Bao Tin Minh Chau Jewelry Company traded gold at a surprisingly lower price than other firms. It bought gold at VND45.3 million and sold at VND45.9 million as of 9 am.

Trading volume on bullion market remained poor. Saigon Jewelry Company said that its trading volume was just above 2,000 taels yesterday. Meanwhile, the representative of Sacombank Jewelry Company said it bought and sold within 900 taels of gold the previous day.

Interbank exchange rate stayed at VND20,803 per dollar. Vietcombank bought dollars at VND21,005, and sold at VND21,011. On black market, the greenback was bought at VND20,340 per dollar, and sold at VND21,380 per dollar.

Internationally, gold declined as investors sold gold to make up losses caused by other investment channels.

Gold for immediate delivery fell as much as $10.6 an ounce, or 0.6 percent, to close at $1,759 an ounce on the Comex in New York.

In Asia, spot gold regained $8.8 an ounce to trade at $1,767.8 an ounce at 10:10 am Vietnamese time.

Holdings at SPDR Gold Trust, the world’s largest exchange traded fund backed by bullion, increased by 1.5 metric tons to 1,268.7 metric tons yesterday, the company’s website showed.

The euro exchange rate against the US dollar was at $1.36 a euro in Tokyo this morning from $1.35 a euro the previous day.

Crude oil futures for December settlement rose by $0.05 a barrel to trade at $97.83 a barrel on the New York Mercantile Exchange.

By Thuy Doan

Other news