Gold opens week on high price

Gold in Vietnam surged by VND50,000 a tael (1.2 ounces) more than last week’s close August 31.

Bullion was bought at VND21.25 million a tael and sold at VND21.35 million.

Last weekend, the prices were almost steady as global prices ended with a slight rise.

Trading volume on bullion markets remained muted with most customers buying jewelries for weddings.

On the SBJ trading floor, trading was fairly high with nearly 343,000 taels changing hands at VND20.44-20.63 million by 10:15am local time.

Globally, bullion swung around last weekend’s closing price at US$955-957 an ounce.

The metal was changing wildly as a commodity instead of a safety asset. It moved in the same direction as oil, high interest rate currencies and stock markets.

It is expected that the precious metal will fluctuate between $940 and $965 this week.

The dollar exchange rate against the euro rose to just below $1.43 from above $1.43 last week.

Crude oil futures for October delivery fell as much as $0.18 a barrel, to $72.56 at 10:47am Vietnamese time.

The State Bank of Vietnam fixed dollar exchange rate at VND16,974. State-owned Vietcombank traded the dollar at VND17,823.

Compiled by Thuy Doan

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