Gold moves flat

Price of gold in Vietnam stalled at VND42.3 million a tael (1.2 ounces) on August 10 as global price had not changed significantly with most investors standing on the sidelines.

Saigon Jewelry Company, Vietnam’s biggest gold processer and trader, bought the metal at VND42.14 million and sold at VND42.29 million as of 9.40am Vietnamese time.

Phu Nhuan Jewelry Company purchased gold at VND42.14 million and sold at VND42.24 million as of 9.50am Vietnamese time.

Hanoi-based Bao Tin Minh Chau Jewelry Company quoted price at VND40.6 million for buying, and at VND40.9 million for selling at 11.30am Vietnamese time.

Domestically, gold fetched VND1.6-1.7 million a tael higher than global price.

Trading on bullion market improved in the past few days after the metal surged to VND42.3 million with some people selling gold to take profits while others buying gold on expectation that price would climb higher.

On free market, the US dollar was bought at VND20,850 per dollar, and sold at VND20,870 per dollar, down VND10 per dollar over the previous day.

Meanwhile, Vietcombank quoted the rate at VND20,840 per dollar for buying, and at VND20,870 per dollar for selling, unchanged from a day earlier.

Eximbank purchased dollars at VND20,820 per dollar, and sold at VND20,870 per dollar, a decrease of VND10 per dollar in selling price.

Internationally, gold fluctuated weakly as investors were still hopeful that China would launch new measures to boost growth after data showed that annual consumer inflation hit a 30-month low last month and industrial output grew at its slowest pace in about three years.

In Asia, gold for immediate delivery dropped $2.9 an ounce to trade at $1,615.1 an ounce at 10am Vietnamese time.

Last night, the heavy metal rose as much as $4.4 an ounce to close at $1,618 an ounce in New York.

Euro exchange rate against the US dollar fell to below $1.23 a Euro in Tokyo this morning.

Crude oil futures for September delivery rose $0.08 a barrel to trade at $93.44 a barrel at 9.30am Vietnamese time.

By Thuy Doan

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