Gold opens week on rising trend

The price of gold in Vietnam added up VND200,000 a tael (1.2 ounces) over last weekend on November 14 as global price prolonged rising momentum.

Sacombank Jewelry Company and Saigon Jewelry Company, the biggest gold processor and trader in Vietnam, bought gold at VND46.45 million and sold at VND46.65 million this morning.

Hanoi-based Phu Quy Jewelry Company purchased SJC-brand gold at VND46.52 million and sold at VND46.68 million as of 10:50 am Vietnamese time.

Bao Tin Minh Chau quoted the price at VND45.85 million for buying, and VND46.25 million for selling at 10 am local time.

Dollar exchange rate remained unchanged at commercial banks. On free market, dollars were bought at VND21,340 per dollar, and sold at VND21,370-21,380 per dollar.

Internationally, gold rose as concerns over the Europe’s sovereign-debt crisis spurred demand for the precious metal as an alternative asset, although the two weakest links of the European chain, Italy and Greece, had reached an agreement on their new government last weekend.

Gold for immediate delivery rose more than $30 an ounce last Friday on the Comex in New York.

In Asia, spot gold gained $5.5 an ounce to trade at $1,795 an ounce at 10:25 am Vietnamese time.

Last week, SPDR Gold Trust, the largest exchange traded fund backed by bullion, bought 23.6 metric tons of gold.

The euro exchange rate against the US dollar stood near $1.38 a euro in Tokyo this morning.

Crude oil futures for December settlement rose as much as $0.13 a barrel to trade at $99.12 a barrel on the New York Mercantile Exchange at 11:40 am Vietnamese time.

By Thuy Doan

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