Gold recedes from VND47 million

The price of gold in Vietnam lost by VND200,000 a tael (1.2 ounces) over the previous day on September 1 as global price retreated due to a rally in global stock market.

Sacombank Jewelry Company bought the metal at VND46.44 million and sold at VND46.74 million as of 10:35 am local time.

Saigon Jewelry Company, the biggest gold shop in Vietnam, quoted the price at VND46.45 million for buying and VND46.75 million for selling at 10:45 am in Ho Chi Minh City.

Hanoi-based Phu Quy Jewelry Company bought SJC-brand gold at VND46.55 million and sold at VND46.88 million at the same time.

Last month, the metal gained 17 percent.

Domestically, gold fetched VND800,000 a tael higher than global price.

On free foreign currency exchange market, losing momentum stalled. Dollars were bought at VND20,940 and sold at VND21,000, an increase of VND10 per dollar in buying price.

Vietcombank continued quoting the rate at VND20,830 for buying and VND20,834 for selling. The inter-bank exchange rate stood steadily at VND20,628 per dollar.

Internationally, gold fell for a second day as a rally in global equities eroded demand for the precious metal as an alternative asset.

The appeal of the precious metal was lessened after statistics showed that the US industrial manufacturing and jobs in August were better than forecast, easing concerns over recession. According to data released yesterday, manufacturing of the Midwest region just slightly fell, while private sector still recruited more employees despite recent economic difficulties.

Meanwhile, euro-region inflation remained unchanged in August while unemployment rate increased, enhancing expectation that the European Central Bank would reduce its interest rates.

Gold for immediate delivery fell as much as $10.9 an ounce, or 0.6 percent, to close at $1,825.2 an ounce on the Comex in New York.

Gold futures for December settlement slightly rose by $1.9 an ounce to finish at $1,831 an ounce.

The metal soared 12 percent in August.

In Asia, the metal slightly recovered after declining at the beginning of the trading session this morning. Spot gold was traded at $1,826.2 an ounce at 10:20 am Vietnamese time.

The euro exchange rate against the US dollar was at below $1.44 in Tokyo this morning.

Crude oil futures for October settlement surged $0.32 a barrel to trade at $89.13 a barrel at 10:40 am Vietnamese time.

Tags: vietnam gold, Vietnam gold market, Vietnam gold prices