The price of gold in Vietnam hovered around VND36.3 million a tael (1.2 ounces) on December 3, almost unchanged over the previous day, as global prices remained at US$1,390 an ounce.
Most gold shops bought the metal at VND36.2 million and sold at VND36.3 million as of 9:45 am local time.
Vietnam biggest gold shop, Saigon Jewelry, purchased gold at VND36.2 million and sold at VND36.26 million.
Sacombank Jewelry bought gold at VND36.2 million and sold at VND36.25 million.
In Hanoi, Phu Quy Jewelry collected SJC-brand gold at VND36.2 million and sold at VND36.3 million.
Trading volume on bullion marker became muted as the price rarely changed, prompting jewelers to narrow the gap between buying and selling prices to boost trading.
Domestically, gold fetched VND200,000 higher than global prices.
The US dollar exchange rate against the Vietnamese dong on free market prolonged losing momentum of the previous day, falling VND50-60 per dollar. In Hanoi, dollars were bought at VND21,400 and sold at VND21,440 as of 10 am local time.
Globally, gold some time touched $1,400 an ounce due to the euro’s recovery versus the US dollar. However, profit-taking sent the prices down at the end of the trading session.
Gold for immediate delivery sank $1.7 an ounce to close at $1,385.9 an ounce on the Comex in New York.
However, in Asia this morning, bullion rebounded thanked to a strengthened euro. Gold rallied by $5 an ounce to nearly $1,391 an ounce as of 10 am Vietnamese time.
Holdings at SPDR Gold Trust, the world’s largest exchange traded fund backed by bullion, increased for three consecutive trading sessions, rising by 13.4 metric tons to 1,298.5 metric tons, the company’s website showed.
In a meeting yesterday, European Central Bank said it would delay withdrawing emergency liquidity measures and keep buying bonds.
The euro exchange rate against the greenback was at $1.32 in Tokyo this morning from $1.31 the previous day.
Crude oil futures for January delivery climbed $1.25 a barrel to finish at $88 a barrel on the New York Mercantile Exchange.
This morning, crude oil faintly edged down to trade around $87.5 a barrel.
Crude oil has advanced 4.8 percent this week.