Vietnam’s gold price outdistances global price

The price of gold in Vietnam only fell by VND200,000 a tael (1.2 ounces) over the previous day on September 23 although global price lost 2.5 percent in the trading session last night in New York.

Sacombank Jewelry Company bought gold at VND46.21 million and sold at VND46.49 million at 2 pm local time.

Saigon Jewelry Company, the biggest gold processor and trader in Vietnam, quoted the price at VND46.4 million for buying and VND46.6 million for selling in Ho Chi Minh City. In Hanoi, the company bought gold at VND46.4 million and sold at VND46.62 million.

Hanoi-based Phu Quy Jewelry Company purchased SJC-brand gold at VND46.45 million and sold at VND46.7 million at the same time.

Domestically, gold fetched around VND2.8 million a tael higher than global price.

On foreign currency market, the dollar exchange rate highly jumped this morning. Dollars were bought at VND21,150 and sold at VND21,200, an increase of VND100 per dollar over the previous day, on free market in Hanoi.

Meanwhile, Vietcombank still bought dollars at VND20,830 and sold at VND20,834.
Internationally, gold plunged as a slump in equities urged investors to sell gold to cover losses and a stronger US dollar weakened demand for the precious metal as a store of value. The US stock markets strongly dropped yesterday on concerns over a double-dip recession.

Gold for immediate delivery fell as much as $44.3 an ounce, or 2.5 percent, to close at $1,737.2 an ounce on the Comex in New York. Earlier, the metal sank to $1,722 an ounce.

In Asia, the heavy metal recovered thanked to buying demand from Asian jewelers. Spot gold was traded at $1,744.2 at 2:35 pm Vietnamese time.

The euro exchange rate against the US dollar was just above $1.35 a euro in Tokyo this morning.

By Thuong Nhan

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