Gold reverts to VND42.3 million

Price of gold in Vietnam hiked to around VND42.3 million a tael (1.2 ounces) on August 9 as global price maintained rising trend to fifth trading session, but momentum slowed down.

Saigon Jewelry Company, Vietnam’s biggest gold processer and trader, bought the metal at VND42.15 million and sold at VND42.3 million as of 11.20am Vietnamese time.

Phu Nhuan Jewelry Company purchased gold at VND42.16 million and sold at VND42.26 million as of 8.40am 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 VND1.7 million a tael higher than global price.

On free market, the US dollar was bought at VND20,860 per dollar, and sold at VND20,880 per dollar, unchanged as of the previous day.

Meanwhile, Vietcombank quoted the rate at VND20,840 per dollar for buying, and at VND20,870 per dollar for selling, a decrease of VND30 per dollar in selling price from a day before.

Eximbank continued to purchase dollars at VND20,820 per dollar, and sell at VND20,880 per dollar.

Internationally, gold inched up as expectations for monetary easing continued to support for investors’ risk appetite, leading to an increase in some investment channels, including equities, essential commodities, and gold.

However, according to analysts, trading interest has been sluggish in the past few days because investors were looking for clear signals on possible economic stimulus in Europe and the US.

In Asia, gold for immediate delivery surged $3.1 an ounce to trade at $1,616.7 an ounce at 9.30am Vietnamese time.

Last night, the heavy metal ticked up $0.3 an ounce to close at $1,613.6 an ounce in New York.

Euro exchange rate against the US dollar continued to slide to below $1.24 a Euro in Tokyo this morning.

Crude oil futures for September delivery rose $0.18 a barrel to trade at $93.53 a barrel at 9.30am Vietnamese time.

By Thuy Doan

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