Gold hangs on VND22 million mark

Gold in Vietnam fell by VND50,000 a tael (1.2 ounces) than the previous day on September 15 as global price swung around US$1,000 an ounce.

The metal was fixed at below VND22 million for buying and around VND22.05 million for selling.

The bullion market again entered hibernation after improving for a few days.

With the high price acting as a deterrent, investors stopped buying as it contained many risks since global gold prices are expected to make a sharp correction in the near future.

Gold keepers hesitated to sell over a concern that they will find it hard to buy gold back.

Trading volume on gold exchanges was fairly thin.

On the SBJ trading floor, nearly 257,000 taels changed hands at VND21.41 to VND21.54 million by 9:55am local time.

Globally, the metal traded above $1,000 an ounce as the greenback declined, boosting the demand of the metal as an alternative asset.

The $1,000 mark has never remained on the global market for as long as it is in recent days.

In New York, gold for immediate delivery dropped as much as $5.5 an ounce to $1,000.6 an ounce.

Holdings at SPDR Gold Trust, the world’s largest exchange-traded fund backed by bullion, increased by 1.22 tons to 1,078.85 tons, the firm’s website showed.

The US dollar exchange rate against the euro slid to a nine-month low at $1.465.

Crude oil futures for October delivery fell by 0.43 a barrel to close at $68.86 a barrel on the New York Mercantile Exchange.

Brent crude oil for October settlement traded at $67.05 a barrel, down 39 cents in London.

Compiled by Thuy Doan

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