Gold stalls at year end

Price of gold in Vietnam remained almost unchanged as of last weekend on December 26, whereas dollar exchange rate dropped slightly on the free market.

Sacombank Jewelry Company bought gold at VND43.3 million and sold at VND43.6 million as of 8:50am Vietnamese time.

Saigon Jewelry Company, the biggest gold processing and trading company in Vietnam, collected gold at VND43.15 million and sold at VND43.55 million as of 7:59am Vietnamese time.

Hanoi-based Phu Quy Jewelry Company purchased SJC-brand gold at VND43.4 million and sold at VND43.6 million at 10:17am Vietnamese time.

Meanwhile, Bao Tin Minh Chau Jewelry Company quoted the price at VND42.4 million for buying, and VND42.6 million for selling at 12:59pm Vietnamese time.

State Bank of Vietnam raised the interbank exchange rate by VND15 per dollar to VND20,828 last weekend. Vietcombank bought dollars at VND21,028, and sold at VND21,034. On the black market, dollar exchange rate slid slightly this morning. One dollar was bought at VND21,250, and sold at VND21,280, down VND10 per dollar in buying price, and VND20 per dollar in selling price over last Saturday.

Gold for immediate delivery was traded at $1,608.9 an ounce, up $0.9 an ounce over the closing price in New York last week, at 11:40am Vietnamese time.

Experts said that, annually, the price rarely changes during the last week of the year as trading volume usually drops severely and gold fails to show its actual tendency.

Internationally, investors are on vacations so they had already closed their books earlier. Investors who have not closed their books are expected to finish by this week. On the other hand, gold is expected to move flat or rise slightly if it manages to maintain last week’s recovery as not so many important US economic statistics are going to be released this week.

Tonight, the US financial market will close for Christmas holidays.

By Thuy Doan

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