Gold hits year high on world trend

Domestic gold price has hit a year high, exceeding VND48 million a tael, following global trend.

Domestic gold price has hit a year high, exceeding VND48 million a tael, following global trend (Photo: U. Phuong)

Price of gold bullion produced by Saigon Jewelry Company (SJC), Vietnam’s biggest gold refiner, was quoted at VND47.72 million a tael and VND48.02 million a tael for bid and ask respectively as of 1.02pm Vietnamese time.

At the same time, Phu Nhuan Jewelry Company purchased gold at VND47.66 million and sold at VND47.96 million; Hanoi-based Phu Quy Jewelry Company quoted price at VND47.89 million for buying, and at VND48.02 million for selling.

Local gold prices are still higher than their world counterparts, at VND3 million a tael following the official exchange rate of Vietcombank.

Vietcombank quoted the rate at VND20,87 per dollar for buying, and at VND20,91 per dollar for selling, while Eximbank purchased dollars at VND20,85 per dollar, and sold at VND20,91 per dollar.

Internationally, gold rose for a second day as assets in exchange-traded products backed by the metal climbed to a record high amid speculation that stimulus by the world’s central banks will boost demand for an inflation hedge.

Spot gold gained as much as 0.2 percent to reach $1,781.72 an ounce and traded at $1,781.20 at 11.19am in Singapore. Bullion-backed holdings in exchange-traded products increased 4.1 metric tons to an all-time high of 2,554.335 tons as of October 3.

Bullion for December delivery added 0.2 percent at $1,783.60 an ounce. Futures rallied 11 percent last quarter, the best since 2010. The Euro was 0.9 percent from a three-week low against the dollar.

Cash silver climbed 0.5 percent to $34.77 an ounce. Spot platinum rose 0.2 percent at $1,691 an ounce and palladium climbed 0.6 percent at $656.50 an ounce.

By Uyen Phuong

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