Gold revives; dollar slightly drops

The price of gold in Vietnam slightly surged over last weekend on November 15 as global prices recovered after a sharp loss last Friday.

Gold was bought at VND35.1 million and sold at VND35.2 million as of 10 am local time at most gold shops.

Sacombank Jewelry Co. bought the metal at VND35.06 million and sold at VND35.19 million.

Saigon Jewelry Co. fixed the prices at VND35.08 million for buying and VND35.13 million for selling.

Meanwhile, Hanoi-based Phu Quy Jewelry bought SJC-brand gold at VND35.1 million and sold at VND35.2 million.

Bao Tin Minh Chau purchased gold at VND35.08 million and sold at VND35.22 million.

Domestically, gold fetched VND350,000 a tael higher than global prices.

Tension on bullion market was eased after authorities took several actions to stabilize the market. Customers no longer flocked to gold shops to buy gold heavily.

However, a high dollar exchange rate was still an important factor that maintained domestic gold price at high levels.

The dollar exchange rate slightly dropped this morning, however, remained hovering around VND21,000. Dollars were bought at VND20,920 and sold at VND21,000 on free market in Hanoi.

Globally, after the steepest decline in the past four months last Friday in New York, gold faintly revived this morning in Asia.

Gold for immediate delivery gained $1 an ounce over the closing price in New York to trade at $1,371 an ounce as of 10:10 am Vietnamese time. Earlier, the metal some time jumped by $10 an ounce.

A weaker US dollar boosted the precious metal. Investors became more optimistic about Ireland’s government debt crisis on bet that the European Union would rescue it from bankruptcy.

This morning, the euro exchange rate against the greenback was above $1.37 in Tokyo from below $1.37 last weekend. Last week, the euro debased 2.4 percent versus the greenback, causing losing pressure on the metal.

By Thuy Doan

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