Gold soars to new record

The price of gold in Vietnam jumped to VND31.3 million a tael (1.2 ounces) on September 29 as global price unexpectedly leaped over resistance level of US$1,310 an ounce.

Domestically, the precious metal was bought at VND31.15 million and sold at VND31.2-31.3 million as of 9 am local time, VND600,000-700,000 a tael higher than the previous day depending on gold brand.

In Hanoi, Phu Quy Jewlery Co. purchased SJC-brand gold at VND31.12 million and sold at VND31.3 million. Meanwhile, the Saigon Jewelry Co.’s Hanoi-branch fixed the prices at VND31.15 for buying and VND31.25 million for selling.

In Ho Chi Minh City, Sacombank Jewlery Co. bought gold at VND31.18 million and sold at VND31.28 million. At SJC, the biggest gold shop in Vietnam, the metal was bought at VND31.15 million and sold at VND31.23 million.

Domestic gold prices were rising at a faster pace than global prices, fetching VND100,000-150,000 a tael higher the latter. However, the precious metal’s movements this morning were not considered “abnormal” as they were on September 27.

On black market, dollar were bought at VND19,550 and sold at VND19,570, an increase of VND30 per dollar over the previous day.

Internationally, gold rose to a record the eighth time in two weeks as the US dollar fell to the lowest level since early February, bolstering the demand for the metal as a safe-haven.

In addition, gloomy outlook for jobs and wages caused the US consumer sentiment to drop to 48.5 this month, lower than forecast.

Gold for immediate delivery rose as much as $14.4 an ounce, or 1.1 percent, to close at $1,310 an ounce. Earlier, the metal hit $1,311 an ounce.

Gold futures also jumped to an all-time high of $1,311.8 an ounce on the Comex in New York. The contracts are up 19 percent this year.

In Asia, the metal slightly fell this morning as investors have not showed their intentions to book profits.

Spot gold shed $0.6 an ounce to stand at $1,309.4 an ounce in Tokyo at 8:55 am Vietnamese time.

SPDR Gold Trust, the largest exchange-traded fund backed by bullion, bought 5.2 metric tons, raising its holdings to a record 1,305.7 metric tons, the company’s website showed.

The euro exchange rate against the US dollar was at nearly $1.36 in Tokyo this morning, from below $1.35 yesterday.

Light sweet crude oil for November delivery contracted $0.34 a barrel, or 0.4 percent, to close at $76.18 a barrel in New York.

This morning, crude oil recovered to nearly $76.5 a barrel.

By Thuy Doan

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