Gold keeps on rising

The price of gold in Vietnam surpassed VND30.3 million a tael (1.2 ounces) on September 23 while global prices attempted to reach US$1,300 an ounce.

Saigon Jewelry Co., the biggest gold shop in Vietnam, bought the metal at VND30.28 million and sold at VND30.32 million as of 9:45 am local time.

Meanwhile, the rate was at VND30.28 million for buying and VND30.34 million for selling in Hanoi.

Domestically, gold continued to fetch VND450,000 a tael lower than global prices. However, this gap, which has been maintained since the end of July, no longer encouraged local jewelers in exporting gold. Some gold traders said that despite a robust rally in global gold prices, their companies reduced export.

The US dollar exchange rate against the Vietnamese dong on free market was unchanged over the previous day.

Globally, bullion maintained rising momentum for the eighth straight week as dollar slumped on possibilities for a further easing of monetary policy by the US central bank to protect the economic recovery.

Spot gold exceeded $1,297 an ounce in New York yesterday before slightly sliding due to profit-taking. Closing the trading session, the metal gained $4.4 an ounce, or 0.3 percent over the previous session, to $1,292.2 an ounce.

Gold futures for December delivery jumped $17.9 an ounce to $1,292.3 an ounce.

In Asia, gold slightly rose by $1 an ounce to trade above $1,293 an ounce this morning.

The dollar exchange rate against the euro dropped to $1.34 a euro in Tokyo this morning from $1.33 yesterday, the lowest level since March 17.

Investors expected that a report about the US real estate market released today would cause more damage to the rate.

Prospects that the US Federal Reserve and other major central banks will continue to pump money to bolster economic recovery also enhance inflation in the future.

Light sweet crude oil for November settlement slipped $0.26 a barrel, or 0.4 percent, to close at $74.71 a barrel in New York.

This morning, crude oil slightly rose to $74.8 a barrel.

By Bao Phuong

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