Gold poised at VND42.6 million

Price of gold in Vietnam rose to VND42.6 million a tael (1.2 ounces) on August 20, the highest level in the past ten weeks, although global price advanced slightly.

Saigon Jewelry Company, Vietnam’s biggest gold processer and trader, bought the metal at VND42.54 million and sold at VND42.6 million as of 11.25am Vietnamese time.

Phu Nhuan Jewelry Company purchased gold at VND42.55 million and sold at VND42.58 million as of 11.05am Vietnamese time.

Hanoi-based Bao Tin Minh Chau Jewelry Company quoted price at VND41.05 million for buying, and at VND41.35 million for selling at 1.30pm Vietnamese time.

Domestically, gold fetched nearly VND1.9 million a tael higher than global price.

Regards non-SJC and damaged SJC-brand gold that Saigon Jewelry Company has rejected to buy back, the State Bank of Vietnam announced that it will promulgate regulations on production of SJC-gold brand, including regulations on converting damaged SJC-brand gold and non-SJC gold into SJC gold.

On free market, the US dollar was bought at VND20,840 per dollar, and sold at VND20,860 per dollar.

Meanwhile, Vietcombank quoted the rate at VND20,830 per dollar for buying, and at VND20,860 per dollar for selling.

Eximbank purchased dollars at VND20,810 per dollar, and sold at VND20,870 per dollar.

Internationally, gold maintained weak rising momentum.

In Asia, gold for immediate delivery rose $0.9 an ounce to trade at $1,617.7 an ounce at 9.25am Vietnamese time.

Last week, spot gold lost 0.3 percent.

Euro exchange rate against the US dollar was above $1.23 a Euro in Tokyo this morning.

Crude oil futures for September delivery rose $0.41 a barrel to trade at $96.01 a barrel at 9.30am Vietnamese time.

By Thuy Doan

Other news