Gold loses VND1 million per tael

The price of gold in Vietnam shed VND1.07 million a tael (1.2 ounces) over the previous day on September 28 as global price declined in the trading session this morning due to profit-taking.

Sacombank Jewelry Company bought gold at VND44.06 million and sold at VND44.54 million at 11:30 am local time.

Saigon Jewelry Company, the largest processor and gold trader in Vietnam, collected gold at VND44.18 million and sold at VND44.58 million in Ho Chi Minh City. In Hanoi, the company bought gold at VND44.18 million and sold at VND44.6 million.

Hanoi-based Phu Quy Jewelry Company purchased SJC-brand gold at VND44.4 million and sold at VND44.85 million at the same time.

Domestically, gold fetched around VND3 million a tael higher than global price.

On foreign currency market, the dollar exchange rate slightly dropped over the previous day. Dollars were bought at VND21,230 and sold at VND21,270 on free market in Hanoi.

Internationally, gold snapped its four-day losing streak as commodities and equities rebounded amid optimism that European leaders will take steps to resolve the region’s sovereign-debt crisis.

Gold for immediate delivery gained as much as 1.4 percent to close at $1,650.19 an ounce on the Comex in New York. Earlier, the metal surged to $1,676.69 an ounce

Gold futures for December delivery rose more than $64 an ounce, or 4.1 percent, to $1,659.6 an ounce.

In Asia, the metal moved backward this morning. Spot gold lost more than $15 an ounce to trade at $1,638 an ounce at 11:30 am Vietnamese time.

The euro exchange rate against the US dollar rose to above $1.35 a euro in Tokyo this morning.

Crude oil futures for November settlement climbed $4.21 a barrel, or 5.3 percent, to close at $84.45 on the New York Mercantile Exchange.

Crude oil was traded at $83.07 a barrel at 12 pm Vietnamese time.

By San San

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