Gold makes correction

The price of gold in Vietnam fell by VND80,000-100,000 a tael (1.2 ounces) on January 20 as global prices remained hovering around US$1,370 an ounce.

Gold was bought at nearly VND35.55 million and sold around VND35.65 million at most gold shops as of 10 am local time.

Sacombank Jewelery Company bought gold at VND35.56 million and sold at VND35.62 million.

Meanwhile, Hanoi-based Phu Quy Jewelry purchased SJC-brand gold at VND35.55 million and sold at VND35.65 million.

The US dollar exchange rate almost unchanged as of the previous day on free market this morning. Dollars were bought at VND20,970 and sold at VND21,010, an increase of VND10 per dollar in selling price over the previous day.

Internationally, gold sometimes exceeded $1,380 an ounce in the trading session in New York as the US dollar debased against the euro. However, bullion closed at $1,371.5 an ounce, up $2.8 an ounce, due to profit-taking.

In Asia, the metal marched south this morning. Spot gold stood below $1,269 an ounce as of 10 am Vietnamese time.

Statistics released yesterday showed that the US new home construction in December sank to one-year low, citing that a gloomy housing market will be a brake to the US economic recovery.

The greenback exchange rate against the euro recovered to $1.34 a euro in Tokyo this morning before falling to nearly $1.35 the previous day.

Holdings at SPDR Gold Trust, the largest exchange-traded fund backed by bullion, dropped by 5.5 metric tons to 1,251.4 metric tons, the lowest level in the past eight months.
 
Crude oil futures for February delivery finished at $90.86 a barrel in the New York Mercantile Exchange, the lowest level since January 10, under negative effect caused by the US housing market.

Crude oil continued sliding to around $90.4-90.5 a barrel this morning.

By Thuy Doan

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