Gold edges up slightly as low price lures customers

Gold rose by VND100,000 a tael from yesterday’s closing price on December 11 as the global price changed slightly and investors waited for new information. 

Jewelers bought gold at VND27.25 million and sold at VND27.40 million with the trading gap extended to VND150,000 a tael from VND100,000 the previous day.

Demand for the precious metal remained stable as most customers thought it was a good time to buy. However, only small investors joined the market.

A representative of Phu Nhuan Jewelry’s Hanoi Branch said it sold 450 taels yesterday while buying only a few tens of taels.

Globally, movements of gold showed no clear direction.

In New York, gold for immediate delivery rose as much as US$1.7 an ounce, 0.2 percent, to close at $1,130.8. Earlier, the metal swung in a range of $1,121-1,133 an ounce.

December-delivery gold gained as much as 1.1 percent to $1,139 an ounce.

In Asia, gold moved around slightly $1,133-1,135 an ounce this morning.

Investors showed hesitation and caution, waiting for development of the dollar exchange rate on speculation the credit ratings for more European nations will be lowered.

The US Dollar Index, a six-currency gauge of the greenback’s strength, was at 76.07.

The dollar exchange rate was unchanged at above $1.47 a euro this morning.

Crude oil futures for January settlement fell $0.13 a barrel over the previous day to close at $70.54 a barrel.

In Asia, crude oil was traded below $71 a barrel this morning.

Compiled by Thuy Doan

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