Gold hits new high

The price of gold in Vietnam surged VND240,000 a tael (1.2 ounces) over the previous day to top an all-time record of VND23.40 million a tael on October 13 as demand increased while supply was scarce.

Gold was bought at VND23.30 million and sold at VND23.40 million at most gold shops around the country.

The price of domestic gold peaked at VND23.28 million on October 8.

The trading gap between buying and selling prices was narrowed to below VND100,000 to boost trading.

Some jewelers said gold had rallied because the demand for bullion has risen again while the supply remained low as gold imports have not resumed.

Ton The Vinh Quyen, sales manager of Sacombank Jewelry, said many investors in gold exchanges bought heavily to cut losses.

The market was expecting global prices to hit new highs so most customers took advantage of last week’s correction to buy heavily, he said.

Globally, spot gold slid US$2.5 an ounce to $1,055.2 an ounce.

Gold futures for December delivery rose as much as $8.9 an ounce, 0.8 percent, to $1,057.5 an ounce. Earlier, the metal reached $1,060.50 an ounce, close to the all-time high of $1,062.70 on October 8 when the greenback fell to a 14-month low.

The metal gained 20 percent this year while the dollar dropped 6.3 percent against a basket of six major currencies.

The US Dollar Index, which tracks the greenback’s value against a six-currency basket, fell 0.5 percent, sending the dollar exchange rate to nearly $1.48 a euro.

Crude oil for November delivery climbed $1.50 a barrel, 2.1 percent, to $73.27 a barrel, the highest settlement since August 24.

Prices soared 64 percent this year.

The State Bank of Vietnam fixed the dollar exchange rate at a historic high, VND17,003. State-owned Vietcombank traded at VND17,853.

Compiled by Thuy Doan

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