Gold stands above VND35.7 million

The price of gold in Vietnam hovered above VND35.7 million a tael (1.2 ounces) on January 10 as global prices opened week on rising momentum.

Gold was bought at VND35.65 million and sold at VND35.75 million, an increase of VND10,000-40,000 a tael over last weekend, at most gold shops as of 9 am local time.

Sacombank Jewelery Company bought gold at VND35.68 million and sold at VND35.74 million as of 9:35 local time.

At the same time, Saigon Jewelry Co. purchased the metal at VND35.65 million and sold at VND35.72 million.

Meanwhile, Hanoi-based Phu Quy Jewelry purchased SJC-brand gold at VND35.65 million and sold at VND35.75 million.

Domestically, gold fetched VND750,000 a tael higher than global prices.

The precious metal declined VND600,000 a tael last week as global price slumped 3.6 percent, the steepest drop since May 2010. Many investors took advantage of low prices to buy in, however, trading on bullion market remained low.

Dollars were bought at VND21,080 and sold at VND21,110 on free market this morning, unchanged as of the previous day.

Internationally, gold started the second week of the new year with rising trend. In Asia, gold slightly rose by US$3 an ounce over the closing price in New York to trade at $1,373.8 as of 9:30 Vietnamese time.

Last week, the metal plummeted as positive economic data supported the US dollar while global equities climbed. Experts forecast that bullion would fall further this week as the demand for the metal as a hedge to protect investors’ wealth weakened after the US economy continuously signaled optimism.

The greenback exchange rate against the euro fell to four-month low at $1.29 a euro in Tokyo this morning.

Crude oil futures for February delivery shot up in New York this morning. Crude oil gained $1 a barrel to around $89.5 a barrel.

Last week, the liquid tumbled 3.7 percent due to a strengthened US dollar.

By Thuy Doan

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