Gold continues to climb further

The price of gold in Vietnam jumped to VND45.4 million per tael (1.2 ounces), up VND400,000 over the previous day on August 17 as global price added up 1.2 percent in the trading session in New York last night.

 
The price of gold in Vietnam jumps to VND45.4 million per tael (Photo:U.Phuongi)

Sacombank Jewelry Company bought gold at VND45.25 million and sold at VND45.35 million as of 10 am local time.

Hanoi-based Phu Quy Jewelry Company purchased SJC-brand gold at VND45.25 million and sold at VND45.45 million at the same time.

Domestically, gold fetched around VND500,000 a tael higher than global price.

On foreign currency market, the US exchange rate at commercial banks almost unchanged over the previous day. State-owned Vietcombank bought the greenback at VND20,774 and sold at VND20,824.

On free market, dollars were bought at VND20,800, and sold at VND20,840, a drop of VND10 per dollar over the previous day.

Internationally, gold highly climbed as European debt concern fueled demand for the precious metal as a safe-haven investment channel.

Gold for immediate delivery surged as much as $20.9 an ounce over the previous trading session, or 1.2 percent, to close at $1,788.1 an ounce on the Comex in New York.

In Asia, the metal slightly dropped, trading at $1,786.6 an ounce as of 10 am Vietnamese time.

German Chancellor Angela Merkel and French President Nicolas Sarkozy said they would press for closer euro-area economic integration with tougher deficit rules and stricter supervision to stamp out the debt crisis. They rejected euro bonds and expanding the 440 billion-euro rescue fund. They plan to resubmit a financial-transaction tax, which was rejected in 2010. However, the meeting between German Chancellor Angela Merkel and French President Nicolas Sarkozy failed to convince investors that European nations would deal with the sovereign-debt crisis effectively.

Holdings at SPDR Gold Trust, the largest exchange traded fund backed by bullion, increased by 0.2 percent to 1,262.9 metric tons, the company’s website showed.

The euro exchange rate against the greenback fell to below $1.44 in Tokyo this morning.

Crude oil futures for September delivery gained by $0.2 a barrel to trade at $86.8 a barrel at 10 am Vietnamese time.

By Da Nguyet

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