Gold continuously makes record

Global gold price hit a new record for four consecutive days, pushing the rate in Vietnam to VND30.2 million a tael (1.2 ounces) on September 22.

Domestically, the precious metal surged VND150,000 a tael over the previous day to a new record high, fetching VND450,000 lower than global prices.

In Ho Chi Minh City, Sacombank Jewelry Co. bought gold at VND30.17 million and sold at VND30.21 million.

In Hanoi, Phu Quy Jewelry fixed SJC-brand gold at VND30.17 million for buying and VND30.23 million for selling.

Although, demand slightly improved lately, bullion market stayed muted as investors became cautious against the current high level of gold prices.

On black market, dollars were purchased at VND19,510 and sold at VND19,530. Commercial banks continued to keep the dollar exchange rate at VND19,500.

Internationally, gold sprang as a weaker dollar bolstered the demand for the metal as an alternative asset.

The US Federal Reserve said it was willing to ease monetary policy further to boost the world’s largest economy, sending the greenback to six-week low. The Federal Open Market Committee said yesterday in a statement that it was prepared to provide additional accommodation if needed to support the economic recovery and to return inflation, over time, to levels consistent with its mandate.

Meanwhile, the euro was supported by optimistic news came out from Europe that investors bought the maximum amounts offered at Spanish and Irish debt sales, showing that concerns were abating.

The dollar exchange rate against the euro fell to $1.33 a euro in Tokyo this morning from $1.31 yesterday.

Immediate-delivery gold rose as much as $8.3 an ounce, or 0.7 percent, to close at $1,287.8 an ounce in New York. Earlier, the metal jumped to an all-time high of $1,292 an ounce.

In Asia, the metal swung between $1,288 and $1,289 an ounce this morning.

SPDR Gold Trust, the largest exchange-traded fund backed by bullion, sold 0.3 metric tons of gold, sending its holdings to 1,304.2 metric tons.

Crude oil for November delivery dropped $1.27 a barrel to $74.93 a barrel in New York.

This morning, crude oil changed a little to trade above $75 a barrel.

By Moc Lan

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