Gold slightly slips on strengthened dollar

Gold prices in Vietnam slightly fell by VND10,000 a tael (1.2 ounces) than the previous day as global prices were pressurized by a stronger US dollar.

Phu Quy Jewelry sold SJC’s gold at VND21.25 million and bought at VND21.20 million.

The Hanoi-based gold dealer, Bao Tin Minh Chau, sold gold at VND21.24 million and purchased at VND21.18 million.

At Sacombank Jewelry, gold was bought at VND21.21 million and sold at VND21.23 million.

Trading remained thin with a few customers buying gold.

According to gold traders, most investors jumped to other high-yielding fields, like stocks or real estate.

On the SBJ trading floor, trading was muted with just under 291,000 taels changing hands at VND20.31-20.49 million by 10:15am local time.

Globally, bullion gained as much as $2.7 an ounce, 0.3 percent, to close at $945.9 an ounce. Earlier, the metal climbed to $955 an ounce, as investors expected the US’s economic indices yesterday would curb the greenback’s appeal as a high-safety investment channel.

Holdings at SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, dropped by 4.58 tons to 1,061.83 tons, the lowest since March 13, the firm’s website showed.

The US Dollar Index, a six-currency gauge of the greenback’s value, however, rebounded despite reports showing positive numbers.

Investors said with the easing recession, the dollar interest rate may rise soon, which will improve its attraction.

The dollar exchange rate against the euro remained steady at just below $1.43.

The Standard & Poor’s/Case-Shiller index of property values in 20 US metropolitan areas announced on August 25 rose by 1.4 percent compared to last month.

The New York-based Conference Board on the same day reported that its consumer confidence index increased to 54.1 in August from 47.4 in the previous month.

Crude oil slid for the first time after hitting resistance of $75 a barrel, which snapped a six-session advance.

Crude oil futures for October delivery fell as much as $2.32 a barrel, 3.1 percent, to $72.05 a barrel on the New York Mercantile Exchange.

Compiled by Thuy Doan

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