Gold slightly retreats

The price of gold in Vietnam only declined by VND150,000 a tael (1.2 ounces) over the previous day on September 13 although global price sharply sank in the trading sessions last night and this morning.

Most gold shops bought the metal at VND47.1 million and sold at VND47.3-47.4 million at 10:40 am local time. Earlier, the heavy metal plunged to below VND47.2 million a tael, however, it rose again thanks to recovery in global price. Yesterday, the metal closed at around VND47.5 million a tael.

Domestically, gold fetched around VND1.3 million a tael higher than global price.

On foreign currency market, the dollar exchange rate on free market was at VND20,920 for buying, and VND20,960 for selling, an increase of VND50 per dollar in buying price and VND40 per dollar in selling price.

Vietcombank still bought dollars at VND20,830 and sold at VND20,834. The inter-bank dollar exchange rate remained at VND20,628.

Internationally, gold strongly sank as the US dollar rose against other major currencies, eroding demand for the metal as an alternative asset. In addition, a slump in global equities urged investors to sell gold to cover losses.

Gold for immediate delivery fell as much as $44 an ounce, or 2.4 percent, to close at $1,815.4 an ounce on the Comex in New York.

In Asia, the metal highly recovered in the trading session this morning due to rising demand. Spot gold restored nearly $15 an ounce over the closing price in New York to trade at $1,830.1 an ounce at 10:40 am Vietnamese time.

The euro exchange rate against the greenback was at $1.37 in Tokyo this morning. Yesterday, the shared currency dropped to the lowest level in the past seven months against the US dollar.

Crude oil futures for October delivery gained $0.62 a barrel to trade at $88.81 a barrel on the New York Mercantile Exchange at 10:40 am Vietnamese time. Yesterday, crude oil surged $0.95 a barrel to close at $88.19 a barrel.

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