Gold unexpectedly jumps

Price of gold in Vietnam suddenly jumped to VND43 million a tael (1.2 ounces) on August 21, the highest level in the past four months, although global price only added small rise.

Saigon Jewelry Company, Vietnam’s biggest gold processer and trader, bought the metal at VND42.8 million and sold at VND42.9 million as of 11.30am Vietnamese time. Earlier, the metal was sold at nearly VND43.1 million a tael.

Phu Nhuan Jewelry Company purchased gold at VND42.8 million and sold at VND42.85 million as of 11.35am Vietnamese time.

Hanoi-based Bao Tin Minh Chau Jewelry Company quoted price at VND41.25 million for buying, and at VND41.55 million for selling at 11.50am Vietnamese time.

Domestically, gold fetched VND1.9 million a tael higher than global price.

On free market, the US dollar was bought at VND20,850 per dollar, and sold at VND20,870 per dollar, up VND10 per dollar over the previous day.

Meanwhile, Vietcombank quoted the rate at VND20,830 per dollar for buying, and at VND20,860 per dollar for selling, unchanged as of the previous day.

Eximbank purchased dollars at VND20,810 per dollar, and sold at VND20,870 per dollar.

Internationally, gold rose for four consecutive trading sessions on expectation that central banks would loosen monetary policy to boost growth.

In Asia, gold for immediate delivery inched up $0.6 an ounce to trade at $1,622.8 an ounce at 9am Vietnamese time.

Last night, spot gold rose as much as $5.4 an ounce, or 0.3 percent, to close at $1,622.2 an ounce.

Euro exchange rate against the US dollar was nearly $1.24 a Euro in Tokyo this morning.

Crude oil futures for September delivery traded at $95.97 a barrel at 9am Vietnamese time.

By Thuy Doan

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