Gold rises to near VND46 million

The price of gold in Vietnam surged to nearly VND46 million a tael (1.2 ounces) on November 7 as global price strongly rose on concerns over the Europe’s sovereign-debt crisis.

Sacombank Jewelry Company bought gold at VND45.6 million and sold at VND45.75 million as of 10:15 am Vietnamese time.

Saigon Jewelry Company, the biggest gold processor and trader in Vietnam, quoted the price at VND45.5 million for buying and VND45.8 million for selling as of 11:20 am.

Hanoi-based Phu Quy Jewelry Company purchased SJC-brand gold at VND45.57 million and sold at VND45.82 million as of 11:39 am, the highest level in the past six weeks.

Domestically, gold fetched VND1.1 million a tael higher than global price.

The US dollar exchange rate remained unchanged at commercial banks. On free market, dollars were bought at VND21,300 per dollar, and sold at VND21,350 per dollar, a decrease of VND50 per dollar over last weekend.

Internationally, gold advanced as concern that Italian Prime Minister Silvio Berlusconi will fail to muster a majority for a key parliamentary vote tomorrow overshadowed Greece’s plans to form a national unity government.

Gold for immediate delivery rose as much as $17.2 an ounce over the closing price in New York to trade at $1,772.2 an ounce in Asia at 11:45 am Vietnamese time.

Holdings at SPDR Gold Trust increased by 1.513 metric tons to 1,245.064 metric tons on November 4, the highest level in more than one month.

The euro exchange rate against the US dollar was below $1.38 a euro in Tokyo this morning.

Crude oil was traded at $94.4 a barrel at 2:38 pm Vietnamese time.

By Thuy Doan

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