Gold changes little

The price of gold in Vietnam slightly fell to VND35.3 million a tael (1.2 ounces) on November 8 as global prices remained almost unchanged over last weekend.

Gold was bought at VND35.2 million and sold at VND35.3 million as of 9 am local time at most gold shops.

Sacombank Jewelry Co. bought the metal at VND35.2 million and sold at VND35.28 million.

Saigon Jewelry Co. fixed the prices at VND35.2 million for buying and VND35.26 million for selling.

Meanwhile, Hanoi-based Phu Quy Jewelry bought SJC-brand gold at VND35.2 million and sold at VND35.32 million.

Bao Tin Minh Chau purchased gold at VND35.18 million and sold at VND35.3 million.

Gold hit a record high of VND35.35 million a tael on November 6. Gold has gained VND1.9 million a tael this month.

Trading on bullion market was subdued at weekend as investors were wary of high prices. Thus, gold traders lowered the gap between buying and selling prices to boost trading.

The VND35-million mark had been maintained for four straight days due to rising momentum of global prices and a high dollar exchange rate against the Vietnamese dong.

The dollar exchange rate slightly dropped this morning, however, remained at high levels. Dollars were bought at VND20,600 and sold at VND20,700 on free market in Hanoi.

Globally, after adding a small rise at the beginning of the trading session, gold slightly slid this morning in Asia.

Gold for immediate delivery lost $4 an ounce over the closing price in New York to trade at $1,391 an ounce as of 10:50 am Vietnamese time.

Last week, gold shot up 2.5 percent due to the US Federal Reserve’s plan to pump $600 billion into the economy. The US dollar debased 0.8 percent versus the euro.

This morning, the greenback recovered to $1.39 a euro in Tokyo from $1.4 last weekend.

Crude oil futures for December settlement slightly rose, trading around $87 a barrel.

By Thuy Doan

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