Gold seesaws; dollar stalls

The price of gold in Vietnam fluctuated wildly on November 3 as global price went down this morning after climbing in the trading session last night.

Sacombank Jewelry Company bought gold at VND45.1 million and sold at VND45.3 million as of 8:30 am Vietnamese time.

Saigon Jewelry Company, the biggest gold processor and trader in Vietnam, and Hanoi-based Phu Quy Jewelry Company quoted the price at VND44.95 million for buying and VND45.2 million for selling as of 9:07 am Vietnamese time.

Domestically, gold fetched VND500,000 a tael higher than global price.

The interbank US dollar exchange rate remained at VND20,803 per dollar. Vietcombank bought the greenback at VND21,005, and sold at VND21,011. On free market, dollars were bought at VND21,400 per dollar, and sold at VND21,450 per dollar.

Internationally, gold advanced after the US Federal Reserve lowered the country’s economic growth outlook and has not ruled out further quantitative easing. Meanwhile, in Europe, France and Germany announced that Greece will not receive money from the bailout package until it decided to remain as a part of the Eurozone.

Gold for immediate delivery rose as much as $17.5 an ounce, or 1 percent, to close at $1,738.4 an ounce on the Comex in New York.

In Asia, spot gold slid $9.6 an ounce to trade at $1,728.8 an ounce at 11 am Vietnamese time.

The euro exchange rate against the US dollar was at $1.37 a euro in Tokyo this morning.

Crude oil futures lost $0.72 a barrel to trade at $91.79 a barrel on New York Mercantile Exchange at 11:15 am Vietnamese time.

By Thuy Doan

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