Gold traded above VND44 million per tael

The price of gold in Vietnam recovered to above VND44 million per tael (1.2 ounces) on October 13, thanks to rising momentum in global market.

Sacombank Jewelry Company bought gold at VND43.91 million and sold at VND44.19 million as of 7:40 am local time.

Saigon Jewelry Company, the biggest gold processor and trader in Vietnam, quoted the price at VND43.85 million for buying, and VND44.15 million for selling as of 9:26 am in Ho Chi Minh City.

Hanoi-based Phu Quy Jewelry Company purchased SJC-brand gold at VND43.95 million and sold at VND44.2 million at 12:47 pm local time.

Domestically, gold fetched around VND2 million a tael higher than global price.

The State Bank of Vietnam raised the interbank exchange rate by VND10 per dollar to VND20,678 this morning. This month, the rate has gained VND50 per dollar, or 0.24 percent. Vietcombank bought dollars at VND20,880, and sold at VND20,885.

Meanwhile, dollars were traded around VND21,500 per dollar on free market.

International, gold advanced as a weaker US dollar boosted appeal of the precious metal as a safe haven asset.

Gold for immediate delivery gained as much as more than $10 an ounce to close at $1,675 an ounce on the Comex in New York.

Spot gold declined $9.7 an ounce, or 0.58 percent, to trade at $1,672.9 an ounce at 1 pm Vietnamese time.

The euro exchange rate against the US dollar was above $1.37 a euro in Tokyo at 1:20 pm Vietnamese time.

Crude oil futures lost $0.77 a barrel to trade at $84.8 a barrel on the New York Mercantile Exchange at the same time. – SGGP

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