Gold advances VND150,000 a tael

The price of gold in Vietnam surged by VND150,000 a tael (1.2 ounces) on August 13 over the previous day, as the global price strongly jumped.

Saigon Jewelry Co., the biggest gold shop in Vietnam, bought the metal at VND28.14 million and sold at VND28.18 million.

After being more expensive than global prices for nearly two months, domestic prices became cheaper, fetching VND120,000 a tael lower than global prices.

Buying demand remained weak, urging gold traders to apply a narrow gap between buying and selling prices to boost trading.

The US dollar exchange rate on free market stalled after sharply rising for two days. Dollars were bought at VND19,260 and sold at VND19,280.

At most commercial banks, the rate was still fixed at VND19,100.

Globally, the precious metal suddenly hiked 1.3 percent in New York after the US Labor Department announced that initial jobless claims rose to the highest level since mid-February.

US stock markets tumbled as investors dumped shares and shifted their investments to high-safety channels like gold and the greenback.

The metal climbed by US$15.6 an ounce, or 1.3 percent, to 1,214.5. Earlier, it touched 1,217 an ounce.

In Asia, the precious metal hovered around $1,215 an ounce this morning.

SPDR Gold Trust, the world’s largest exchange-traded fund backed by bullion, bought 3.9 metric tons, increasing its holdings to 1,286.7 metric tons, the company’s website showed. Last month, the company sold continuously amid the easing European debt crisis.

The euro exchange rate against the US dollar remained at $1.29 a euro, almost unchanged from yesterday.

Dim economic outlook caused several basic commodities, including crude oil, to debase in recent trading sessions.

Crude oil futures for September delivery collapsed 3 percent, or $2.28 a barrel, to close at $75.74 a barrel. The liquid has lost 7 percent over the past three trading sessions.

In Asia, crude oil slightly recovered to above $76 a barrel this morning.

By Thuy Doan

Other news

Most view

The VN-Index of the Ho Chi Minh Stock Exchange (HoSE) rose 21.12 points on July 18 (Photo: VNA)

VN-Index rises over 21 points

The VN-Index of the Ho Chi Minh Stock Exchange (HoSE) rose 21.12 points on July 18, with 223.9 million shares worth over 4.9 trillion VND (211 million USD) traded. 


VNPT & SeABank cooperate to enhance connections

The Vietnam Posts and Telecommunications Group (VNPT) and SeABank just co-signed cooperation agreement, aiming to develop the two sides’ economic, business and investment potential.


185 leading domestic & in't enterprises join in VN ETE 2018

The Vietnam Exhibition of Electrical Technology and Equipment (Vietnam ETE 2018) and the Exhibition of Products, Technologies for Energy Saving and Green Power (ENERTEC EXPO 2018) yesterday kicked off in HCMC’s Saigon Exhibition Convention Center in district 7.

Self - introduction

VNPT targets to be leading digital service provider in Vietnam

The grand opening ceremony of the VNPT-Information Technology Company (VNPT-IT), a new member of the Vietnam Posts and Telecommunications Group (VNPT), was held yesterday in Hanoi. With thousands of IT engineers and the focus on developing state-of-the-art technological products related to Artificial Intelligence (AI), Bigdata, and Blockchain, the new company is considered the main force to help VNPT fulfill the goal of becoming a leading digital service provider in Vietnam and an important Digital Hub of the neighborhood as well as the world.

Stock market

SAS profits VND 118bln

The Southern Airports Service Joint Stock Company (Sasco) which is listed under code SAS on the Unlisted Public Company Market (UPCoM), announced its second quarter’s financial report with net revenue at VND 634.5billion, an increase of 14 percent compared to last year.