Gold ends losing momentum

The price of gold in Vietnam curbed its losing trend, rebounded VND150,000 a tael (1.2 ounces) over the previous day on November 18 due to a sharp recovery of global price in Asia this morning.

Gold was bought at VND34.5 million and sold at VND34.6 million as of 9:30 am local time at most gold shops.

Sacombank Jewelry Co. bought the metal at VND34.57 million and sold at VND34.61 million.

Saigon Jewelry Co. fixed the prices at VND34.55 million for buying and VND34.61 million for selling.

Meanwhile, Hanoi-based Phu Quy Jewelry bought SJC-brand gold at VND34.53 million and sold at VND34.64 million.

Bao Tin Minh Chau purchased gold at VND34.51 million and sold at VND34.63 million.

According to jewelers, the bullion market became stable, thanked to the effort of local authorities. Signs of bubble no longer existed. However, trading remained subdued as customers had not been familiar with high prices.

The dollar exchange rate slightly dropped to below VND21,000 per dollar this morning, however. Dollars were bought at VND20,910 and sold at VND20,970 on free market in Hanoi.

Globally, gold strongly restored in Asia this morning after heading for a fourth consecutive decline in New York last night.

Gold for immediate delivery fell as much as $3.6 an ounce to trade at $1,336.8 an ounce on the Comex in New York.

In Asia, spot gold jumped $12 an ounce over the closing price in New York to around $1,349 as of 9:35 am Vietnamese time.

The US dollar debased versus other major currencies as a report released yesterday showed low inflation in the US. Meanwhile, the consumer-price index increased 0.2 percent after a 0.1 percent rise the prior month, the Labor Department said.

This morning, the euro exchange rate against the greenback was at $1.36 in Tokyo.

Crude oil futures for December settlement dropped $1.61 a barrel to $80.73 a barrel on the New York Mercantile Exchange.

By Thuy Doan

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