Bullion rebounds to VND45 million

Price of gold in Vietnam recovered VND45 million a tael (1.2 ounces)  November 23 thanks to an increase of 1.3 percent in global prices in the trading session in New York last night.

Sacombank Jewelry Company bought gold at VND44.5 million and sold at VND44.9 million as of 7:55am Vietnamese time.

Saigon Jewelry Company, the biggest gold processing and trading company in Vietnam, collected gold at VND44.4 million and sold at VND44.7 million around 10:51am Vietnamese time. Yesterday, SJC gold unexpectedly fell by VND1 million a tael to around VND44.15-44.55 million a tael.

Hanoi-based Phu Quy Jewelry Company purchased SJC gold at VND44.9 million and sold at VND45.13 million at 11:16am Vietnamese time.

Bao Tin Minh Chau Jewelry Company quoted the price at VND44.75 million for buying, and VND45 million for selling at 11:31am Vietnamese time.

Domestic gold fetched more than VND600,000 a tael, higher than global price.

On the black market, one dollar was bought at VND21,270 and sold at VND21,330, a decrease of VND10 per dollar over the previous day.

Internationally, gold reversed previous losses after mounting debt woes in the US and Europe spurred demand for the metal as a value item.

Gold for immediate delivery gained as much as $22.1 an ounce, or 1.3 percent, to close at $1,700.4 an ounce on the Comex in New York.

A recovery in stock markets has lessened selling pressure of the heavy metal. Gold was moving in the same way as other high-risk assets, including equities and essential commodities.

In Asia, gold rose $6.8 an ounce to trade at $1,707.2 an ounce at 8:50am Vietnamese time.

A report released yesterday showed that the US economy grew at a slower pace than expected, causing investors to become more cautious. The country’s gross domestic product climbed at a 2 percent annual growth rate from July through September, less than projected and down from a 2.5 percent prior estimate. 

The euro exchange rate against the US dollar rose to above $1.35 a euro in Tokyo this morning.

By Thuy Doan

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