Gold jumps to one-month high

The price of gold in Vietnam jumped to VND45.7 million a tael (1.2 ounces), the highest level in the past one month on November 4 as global price sprang 1.6 percent in the trading session in New York last night.

Sacombank Jewelry Company bought gold at VND45.45 million and sold at VND45.75 million as of 8:30 am Vietnamese time.

Saigon Jewelry Company, the biggest gold processor and trader in Vietnam, quoted the price at VND45.4 million for buying and VND45.7 million for selling as of 9:27 am.

Hanoi-based Phu Quy Jewelry Company purchased SJC-brand gold at VND45.4 million and sold at VND45.65 million as of 10 am.

Domestically, gold fetched VND660,000 a tael higher than global price.

The US dollar exchange rate remained stable at commercial banks. On free market, dollars were bought at VND21,380 per dollar, and sold at VND21,450 per dollar, a decrease of VND20 per dollar in buying price.

Internationally, gold climbed after Greece canceled a referendum on euro membership, moving the country closer to receiving the bailout package. In addition, the European Central Bank unexpectedly cut its benchmark interest rate by 0.25 percent to 1.25 percent after its new president’s meeting.

Gold for immediate delivery rose as much as $27 an ounce, or 1.6 percent, to close at $1,765.4 an ounce on the Comex in New York, the highest level in the past six weeks.

In Asia, bullion declined as investors sold their holdings to take profits. Spot gold slid $6.5 an ounce to trade at $1,758.9 an ounce at 10 am Vietnamese time.

The euro exchange rate against the US dollar was at $1.38 a euro in Tokyo this morning from $1.37 a euro the previous day.

Crude oil futures for December settlement gained as much as $1.56 a barrel, or 1.7 percent to close at $94.07 a barrel on the New York Mercantile Exchange, the highest closing price since the beginning of August.

Crude oil surged $0.17 a barrel to trade at $94.24 a barrel at 10:20 am Vietnamese time.

By Thuy Doan

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