Gold price in Vietnam topped a historic high of VND24.55 million a tael (1.2 troy ounces) November 4, as the global price climbed to nearly US$1,100 an ounce due to the greenback’s depreciation and investors’ heavy buying.
Gold shops bought gold at VND24.45 million and sold at VND24.55 million, up VND450,000 a tael than previous day.
Domestic gold price was fetching VND250,000 higher than the global price.
Despite expectations of an advance this week, the leap in prices still surprised most gold traders.
Investors remained wary and waited for the US Federal Reserve’s announcement about the result of its meeting on monetary policy on November and 4.
Trading volume on the SBJ trading floor was rather high, with 245,000 taels changing hands at VND22.75 million to VND23.41 million a tael by 10am local time.
Globally, gold gained against a weaker dollar.
Gold for immediate delivery rose as much as $24.7 an ounce, 2.3 percent, to $1,085.3 an ounce. Earlier, the metal touched $1,089.1 an ounce in New York.
In Asia, the metal slightly slid between $1,082 and $1,083 an ounce this morning.
SPDR Gold Trust, the largest gold-backed exchange-traded fund, bought 4.88 metric tons yesterday, sending its holdings to 1,108.4 metric tons.
The US Dollar Index, which tracks the greenback’s strength against a basket of six major currencies, continued its downwards journey.
Crude oil gained $1.47 a barrel, 1.9 percent, to close at $79.6 a barrel on the New York Mercantile Exchange.