The price of gold in Vietnam slid by VND250,000 a tael (1.2 ounces) over the previous day on November 24 as global prices declined due to a stronger US dollar.
Sacombank Jewelry Company bought gold at VND44.3 million and sold at VND44.5 million around 11:20am Vietnamese time.
Saigon Jewelry Company, the biggest gold processing and trading company in Vietnam, collected gold at VND44.1 million and sold at VND44.4 million around 11:25am Vietnamese time.
Yesterday people flocked to gold shops to buy SJC-brand gold after the State Bank of Vietnam ordered the company to sell gold at favorable prices to stabilize bullion market. According to a SJC representative, the company sold more than 7,000 taels yesterday.
Hanoi-based Phu Quy Jewelry Company purchased SJC-brand gold at VND44.3 million and sold at VND44.57 million at 11:34am Vietnamese time.
Bao Tin Minh Chau Jewelry Company quoted price at VND44.1 million for buying, and VND44.35 million for selling at 12:13am Vietnamese time.
Domestic gold fetched more than VND1 million a tael, higher than global price.
On the black market, one dollar was bought at VND21,270 and sold at VND21,320, a decrease of VND10 per dollar over the previous day.
Internationally, gold dropped as the US dollar strengthened. Concern over a worsening European sovereign-debt crisis encouraged investors to hold cash, especially the greenback, causing the US currency to rise against six major currencies.
Gold for immediate delivery lost as much as $7.1 an ounce to close at $1,693.3 an ounce on the Comex in New York.
In Asia, spot gold was traded at $1,693.2 an ounce at 10:30am Vietnamese time.
The US market closes today for Thanksgiving.
The euro exchange rate against the US dollar sank to below $1.34 a euro in Tokyo this morning.