Gold slightly rises; dollar jumps

The price of gold in Vietnam surged to VND44.4 million a tael (1.2 ounces) on October 3from VND44.3 million last weekend, thanks to rising momentum on global market.

Sacombank Jewelry Company bought gold at VND43.91 million and sold at VND44.39 million as of 8:30 am local time.

Saigon Jewelry Company, the largest processor and gold trader in Vietnam, collected gold at VND44.12 million and sold at VND44.28 million in Ho Chi Minh City at 11:15 am local time. In Hanoi, the company bought gold at VND44.12 million and sold at VND44.3 million.

Hanoi-based Phu Quy Jewelry Company purchased SJC-brand gold at VND44.1 million and sold at VND44.4 million at the same time.

Domestically, gold remained fetching around VND3.3 million a tael higher than global price.

On foreign currency market, the dollar exchange rate unexpectedly jumped to VND21,350 per dollar. Dollars were bought at VND21,280 and sold at VND21,350 on free market in Hanoi, an increase of VND30 per dollar in buying price and VND70 per dollar in selling price over last weekend.

Internationally, gold slightly rose in the trading session in Asia this morning on concern that Europe’s sovereign-debt crisis may not be contained, spurring investors to buy the metal to guard their wealth against a potential slowdown in the global economy.

Spot gold gained $6.7 an ounce over the closing price in New York to trade at $1,632.5 an ounce.

Last week, the heavy metal lost nearly 2 percent, raising the total lost in September to 11 percent. However, gold advanced 8 percent in the third quarter, the biggest gain since the beginning of this year.

This week, European Central Bank is expected to announce a cut in its benchmark interest rates in its periodical meeting.

The euro exchange rate against the US dollar was above $1.33 a euro in Tokyo at 11 am Vietnamese time.

Crude oil futures lost $1.12 a barrel to trade at $78.08 a barrel at the same time.

By Thuy Doan

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