Gold jumps VND800,000 per tael

The price of gold in Vietnam rose to VND45.55 million a tael (1.2 ounces), the highest level in the past ten days, on December 1 as global price advanced 2 percent in the trading session in New York last night.

Sacombank Jewelry Company (SBJ) bought gold at VND45.15 million and sold at VND45.35 million as of 9:10am Vietnamese time.

Saigon Jewelry Company (SJC), the biggest gold processing and trading company in Vietnam, collected gold at VND45.1 million and sold at VND45.3 million around 9:43am Vietnamese time. Earlier, the metal sold at VND45.55 million a tael.

Hanoi-based Phu Quy Jewelry Company purchased SJC-brand gold at VND45.12 million and sold at VND45.3 million at 11:07am Vietnamese time.

Bao Tin Minh Chau Jewelry Company quoted the price at VND44.4 million for buying, and VND44.6 million for selling at 12:10pm Vietnamese time.

Domestically, gold fetched VND600,000 a tael, higher than global price.

On the black market, dollar exchange rate remained at VND21,190 for buying, and VND21,230 for selling.

Internationally, gold surged sharply after several central banks, including the US Federal Reserve, the European Central Bank, Bank of England, Bank of Japan, Bank of Canada and Swiss National Bank, together pumped money into banks in Europe to increase liquidity.

Besides, the Public Bank of China reduced reserve requirements at commercial banks for the first time in three years to shore up the economy.

Gold for immediate delivery gained as much as $34 an ounce, or 2 percent, to close at $1,750.4 an ounce on the Comex in New York.

In Asia, gold dropped slightly this morning. Spot gold slid $1.1 an ounce to trade at $1,749.3 an ounce at 9am Vietnamese time.

The euro exchange rate against the US dollar rose to $1.34 a euro in Tokyo this morning from $1.33 the previous day.

By Thuy Doan

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