Gold escalates sharply

Price of gold in Vietnam went up VND1 million per tael (1.2 ounces) over the previous day on August 23 as global price escalated for seventh consecutive trading session.

Saigon Jewelry Company, Vietnam’s biggest gold processer and trader, bought the metal at VND44.6 million and sold at VND44.8 million as of 9.15am Vietnamese time.

Phu Nhuan Jewelry Company purchased gold at VND44.65 million and sold at VND44.85 million as of 9.40am Vietnamese time.

Hanoi-based Bao Tin Minh Chau Jewelry Company quoted price at VND42.8 million for buying, and at VND43.1 million for selling at 11.20am Vietnamese time.

Domestically, gold fetched nearly VND2.9 million a tael higher than global price.

Price of gold in Vietnam climbed swiftly and at stronger pace than global price though selling demand was rather high because State Bank of Vietnam has not allowed import of gold for a long time, leading to a shortage of gold supply, and the US dollar exchange rate against Vietnamese dong heated again on free market.

On black market, the US dollar was bought at VND20,920 per dollar, and sold at VND20,960 per dollar, up VND10 per dollar over the previous day.

Meanwhile, Vietcombank quoted the rate at VND20,830 per dollar for buying, and at VND20,865 per dollar for selling, an increase of VND10 per dollar from the previous day.

Eximbank purchased dollars at VND20,850 per dollar, and sold at VND20,920 per dollar, up VND40 per dollar in buying price and VND50 per dollar in selling price from a day earlier.

Internationally, gold rose to its highest level in more than three months minutes after the latest US Federal Reserve meeting showed the central bank could be willing to launch another round of bond buying soon.

In Asia, gold for immediate delivery gained $7.4 an ounce to trade at $1,661.5 an ounce at 9.15am Vietnamese time.

Last night, spot gold rose as much as $15.5 an ounce, or nearly 1 percent, to close at $1,654.1 an ounce.

Holdings at SPDR Gold Trust, the world’s largest exchange traded fund backed by bullion, was at nearly 1,292 metric tons, the highest level in the past three months.

Euro exchange rate against the US dollar was at above $1.25 a Euro in Tokyo this morning.

Crude oil futures for September delivery edged up $0.68 a barrel at $97.94 a barrel at 9.20am Vietnamese time.

By Thuy Doan

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