Vietnam gold price declines; dollars cool down on Oct. 6th afternoon

The price of gold in Vietnam retreated to near 44 million dong a tael (1.2 ounces) on October 6 despite the fact that global price strongly recovered after sinking to $1,600 an ounce.
Sacombank Jewelry Company bought gold at 43.71 million dong and sold at 44.14 million dong at 11:20 am local time.

Saigon Jewelry Company, the biggest gold processor and trader in Vietnam, quoted the price at 43.75 million dong for buying, and 44.15 million dong for selling in Ho Chi Minh City.

Hanoi-based Phu Quy Jewelry Company purchased SJC-brand gold at 43.95 million dong and sold at 44.35 million dong at the same time.

Domestically, gold fetched 2.75 million dong a tael higher than global price.

A drop in global price sent domestic gold price down at the beginning of this morning. However, although global price started to recover since the middle of this morning, this afternoon the price of gold in Vietnam continued to decline as the US dollar exchange rate steeply slumped on free market.

The dollar price on free market started to decrease 130 dong per dollar to 21,400 dong (buying) and 21,500 dong (selling) this afternoon in Hanoi.

Meanwhile, the interbank exchange rate continued climbing by 10 dong per dollar to 20,648 dong. Vietcombank bought the greenback at 20,850 dong per dollar, and sold at 20,854 dong per dollar.

International, gold fluctuated on concern that the European sovereign-debt crisis will hinder the global economy.

Gold for immediate delivery rose as much as 1.1 percent to close at $1,643.6 an ounce on the Comex in New York. Earlier, the metal plunged to $1,607 an ounce.

Spot gold was traded at $1,646.7 an ounce at 11 am Vietnamese time, up $3.1 an ounce over the closing price in New York. The heavy metal receded to $1,636 an ounce an hour earlier.

The euro exchange rate against the US dollar was at $1.33 in Tokyo at 11:22 am Vietnamese time.

Crude oil futures lost $0.18 a barrel to trade at $79.5 a barrel on the New York Mercantile Exchange at the same time.

Saigon Giai Phong

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