Gold rebounds to VND45 million

The price of gold in Vietnam recovered VND150,000 per tael (1.2 ounces) over the previous day on November 1 thanks to a small rise in global price.

Sacombank Jewelry Company and Saigon Jewelry Company, the biggest gold shop in Vietnam, bought gold at VND44.65 million and sold at VND44.95 million as of 9 am local time.

Hanoi-based Phu Quy Jewlery Company also traded SJC-brand gold at the same prices.

Domestically, gold fetched VND1.4 million a tael higher than global price.

The interbank exchange rate remained at VND20,803 per dollar for the fourth day. Vietcombank continued to buy dollars at VND21,006, and sell at VND21,011. On black market, the greenback was unchanged as of the previous day, buying at VND21,300, and selling at VND21,400.

Internationally, gold sharply dropped as the US dollar rose against a basket of six major currencies after Japan interfered currency market to weaken the yen, curbing demand for the precious metal as a store of value.

Gold for immediate delivery fell as much as $28.3 an ounce, or 1.6 percent, to close at $1,716.1 an ounce on the Comex in New York.

In Asia, spot gold recovered $4.3 an ounce to trade at $1,720.8 an ounce at 10:20 am Vietnamese time.

The euro exchange rate against the US dollar was at $1.38 a euro in Tokyo this morning from $1.4 the previous day.

Crude oil futures lost $0.51 a barrel to trade at $92.68 a barrel on the New York Mercantile Exchange at 10:40 am Vietnamese time.

By Thuy Doan

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