Gold lingers around VND44 million

The price of gold in Vietnam hovered around VND44 million per tael (1.2 ounces) on October 25 as global price slightly fluctuated on international market.

Sacombank Jewelry Company bought gold at VND43.8 million and sold at VND44.1 million at nearly 12 pm local time.

Saigon Jewelry Company, the biggest gold shop in Vietnam, quoted the price at VND43.8 million for buying and VND44.1 million for selling.

Hanoi-based Phu Quy Jewlery Company purchased SJC-brand gold at VND43.87 million and sold at VND44.17 million at the same time.

The interbank exchange rate stayed at VND20,748 per dollar for three straight days. Commercial banks continued to quote the rate at VND20,950 for buying, and VND20,955 for selling.

On black market, the greenback was bought at VND21,680 and sold at VND21,780, an increase of VND30 per dollar over the previous day.

Internationally, gold inched up as renewed optimism for growth in China boosted prospects for raw-material demand. Reports showed that China’s manufacturing may rise in October for the first time in four months. In addition, gold also rose on concern that US monetary policy aimed at shoring up growth will spur inflation.

Gold for immediate delivery rose as much as US$11.3 an ounce, or 0.7 percent, to $1,654.3 an ounce on the Comex in New York.

Spot gold gained $4.2 an ounce to trade at $1,658.5 an ounce at 11:50 am Vietnamese time.

Crude oil was traded at $91.83 a barrel on the New York Mercantile Exchange; the euro exchange rate against the US dollar was above $1.39 a euro in Tokyo at the same time.

By Thuy Doan

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