Gold stands firmly below VND22 million

Gold price in Vietnam remained below VND22 million a tael (1.2 ounces) on September 11 as the global price climbed to US$1,000 an ounce again.

Gold was bought at VND21.90 million and sold at VND21.95 million at most gold shops.

Gold traders said profit-taking took the upper hand in yesterday’s trading sessions as investors were afraid that the prices would fall further.

Phu Quy Jewelry said it bought 70 percent more gold than yesterday.

Phu Nhuan Jewelry purchased 3,000 taels while selling volume was much smaller.

Globally, gold fluctuated wildly between of $983 to nearly $1,000 an ounce.

Spot gold rose as much as $4 an ounce, 0.4 percent, to $997.4 an ounce in New York.

In Asia, gold for immediate delivery surged $2.9 an ounce to $1,000.3 an ounce this morning.

Bullion prices were backed by oil prices rallying and the debasement of the dollar.

Crude oil futures for October delivery gained $0.63 a barrel to close at $71.94 a barrel.

Oil price climbed as a report by the US Department of Energy announced yesterday that the crude oil reserves fell by 5.91 million barrels to $337.5 million barrels last week.

In addition, the International Energy Agency (IEA) has also forecast that global demand for oil will reach 85.7 million barrels a day next year, 450,000 barrels higher than August forecast. The IEA has added an increase to its forecast for a second consecutive month.

The greenback continued to decline against the euro, sending its exchange rate to nearly $1.46. It has shed 5.6 percent this year.

The State Bank of Vietnam fixed the dollar exchange rate at VND16,982. State-owned Vietcombank traded the dollar at VND17,831.

Compiled by Thuy Doan

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