Bullion jumps to above VND45 mil

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Báo Đầu Tư English - 37 month(s) ago 5 readings

Bullion jumps to above VND45 mil

The price of gold in Vietnam unexpectedly jumped VND1 million per tael (1.2 ounces) over the previous day on October 26 as global price exceeded $1,700 an ounce.

Sacombank Jewelry Company and Saigon Jewelry Company, the biggest gold shop in Vietnam, bought gold at VND44.75 million and sold at VND45.05 million.

Hanoi-based Phu Quy Jewlery Company purchased SJC-brand gold at VND44.67 million and sold at VND45 million as of 11:20 am local time.

Domestically, gold fetched VND1.7 million a tael higher than global price.

The State Bank of Vietnam raised interbank exchange rate the twelfth time to VND20,768 per dollar, up VND20 per dollar over the previous day. Commercial banks bought dollars at VND20,971, and sold at VND 20,976.

Internationally, gold advanced to a one-month high as concerns that European leaders may fail to resolve the region’s debt crisis boosted demand for the precious metal as a safe haven. A meeting of European finance chiefs was canceled yesterday as France and Germany split over a rescue plan.

Gold for immediate delivery rose as much as $52 an ounce, or 3.2 per cent, to $1,705.24 an ounce on the Comex in New York.

Gold futures for December settlement also gained more than $48 an ounce to $1,700.4.

SPDR Gold Trust, the largest exchange traded fund backed by bullion, bought 10.6 metric tons last night, increasing its purchase to 12.23 metric tons this month.

In Asia, spot gold was traded at $1,710 an ounce at 12 pm Vietnamese time.

Crude oil was traded at $93.65 a barrel on the New York Mercantile Exchange at 12:47 pm Vietnamese time; the euro exchange rate against the US dollar was just above $1.39 a euro in Tokyo at the same time.

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