Gold slides from record high

The price of gold in Vietnam shrank by VND100,000 a tael (1.2 ounces) over the previous day on November 2 as global prices made a slight correction.

Sacombank Jewelry Company bought gold at VND33.42 million and sold at VND33.46 million as of 9 am local time.

Saigon Jewelry Company purchased at VND33.37 million and sold at VND33.42 million at the same time.

Meanwhile, SJC-brand gold was bought at VND33.35 million and sold at VND33.44 million at the Hanoi-based Phu Quy Jewelry.

Bao Tin Minh Chau fixed the prices at VND33.34 million for buying and VND33.44 million for selling.

Despite the fact that global prices had not showed tendency since mid-October, domestic prices remained on rising trend due to an escalating US dollar. Domestically, gold hit an all-time high of VND33.55 million a tael on November 1.

The US dollar exchange rate against the Vietnamese dong surpassed VND20,500 level set the previous day. Dollars were bought at VND20,470 and sold at VND20,510, an increase of VND20 per dollar over the previous day.

Globally, gold declined as the US dollar strengthened, sapping the demand for the metal as an alternative investment channel.

Gold for immediate delivery dropped as much as $8.5 an ounce, or 0.6 percent, to close at $1,352.3 an ounce on the Comex in New York.

In Asia, gold slightly recovered to nearly $1,354 an ounce as of 9:35 am Vietnamese time.

The greenback rallied versus other major currencies after a report by the Institute of Supply Management showed that the US manufacturing unexpectedly rose in October.

The euro exchange rate against the greenback slid to $1.39 a euro in Tokyo this morning from $1.4 yesterday.

However, most investors showed wariness ahead of the US Federal Reserve’s meeting.

Light sweet crude oil leaped $1.52 a barrel, or 2 percent, to close at $82.95 a barrel on the New York Mercantile Exchange.

This morning, crude oil continued to climb to above $83.1 a barrel.

By Thuy Doan

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