Gold declines after touching record

The price of gold in Vietnam fell on September 28 after climbing to a record high of VND30.9 million a tael (1.2 ounces) the previous day.

Gold lost around VND150,000-200,000 a tael over the all-time high made yesterday, hovering around VND30.7 million a tael.

Sacombank Jewelry Co. bought the metal at VND30.6 million and sold at VND30.7 million as of 9 am local time.

At the same time, Hanoi-based jeweler, Bao Tin Minh Chau, purchased SJC-brand gold at VND30.67 million and sold at VND30.74 million.

Gold spiked rapidly yesterday, hitting VND30.9 million at 3 pm but it quickly went down by the end of the day. This was believed an unsuccessful speculation of some individuals.

Trading volumes at some jewelers improved. However, bullion market has not really been exhilarating as investors became more wary of movements of the precious metal.

The US dollar exchange rate against the Vietnamese dong remained stable as of the previous day.

Internationally, the precious metal declined the first time in seven trading sessions as investors dumped holdings to take profits.

Gold for immediate delivery dropped $2.4 an ounce to close at $1,295.6 an ounce after swinging between $1,293 and $1,300 an ounce.

In Asia, gold continued to slide to just above $1,294 an ounce as of 9:55 am Vietnamese time.

The greenback exchange rate slightly strengthened, standing below $1.35 a euro, as there was no information about the US economy released yesterday.

Holdings at SPDR Gold Trust, the world’s largest exchange traded fund backed by gold, increased by 0.3 metric tons to 1,300.5 metric tons, the company’s website showed.

Bullion would probably move strongly tonight, after the US announced its consumer confidence in September and home price index in July.

Crude oil futures for November settlement rose as much as $0.03 a barrel to close at $76.52 a barrel on the New York Mercantile Exchange.

This morning, crude oil retreated, trading just above $76 a barrel.

By Sao Khue

Other news