Gold retreats to below VND46.5 mil

The price of gold in Vietnam slid by VND200,000 a tael (1.2 ounces) over the previous day on November 15 as global price made correction due to a stronger US dollar.

Sacombank Jewelry Company and Saigon Jewelry Company, the biggest gold processor and trader in Vietnam, bought gold at VND46.25 million and sold at VND46.45 million this morning.

Hanoi-based Phu Quy Jewelry Company purchased SJC-brand gold at VND46.15 million and sold at VND46.35 million as of 12:15 pm Vietnamese time.

Bao Tin Minh Chau quoted the price at VND45.45 million for buying, and VND45.65 million for selling at 1:20 pm local time.

Domestically, gold fetched around VND1 million higher than global price.

Internationally, gold slid as the US dollar strengthened, sapping demand for the heavy metal as an alternative asset.

Gold for immediate delivery fell as much as $8 an ounce to close at $1,780.3 an ounce on the Comex in New York.

Gold futures for December settlement reduced $9.7 an ounce to finish at $1,778.4 an ounce.

In Asia, spot gold hovered around $1,779 an ounce at 9:30 am Vietnamese time.

SPDR Gold Trust, the largest exchange traded fund backed by bullion, sold 0.39 metric tons of gold, sending its holdings to 1,268.28 metric tons, the company’s website showed.

The euro exchange rate against the US dollar was at above $1.35 a euro in Tokyo this morning.

Crude oil was traded at $98.27 a barrel on the New York Mercantile Exchange at 1:40 pm Vietnamese time.

By Thuy Doan

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