The price of gold in Vietnam restored by VND200,000 a tael (1.2 ounces) over the previous day to trade at VND33.1 million on October 21 as global prices recovered on a weaker dollar.
The precious metal was bought at VND33 million and sold at VND33.1 million as of 9 am local time.
In Ho Chi Minh City, Saigon Jewelry Company purchased gold at VND33.02 million and sold at VND33.08 million.
Sacombank Jewelry Company bought the metal at VND33.04 million and sold at VND33.08 million.
At the Hanoi-based Bao Tin Minh Chau gold was bought at VND33 million and sold at VND33.1 million.
Phu Quy Jewelry bought SJC-brand gold at VND33.02 million and sold at VND33.11 million.
According to gold traders, buying demand increased when the prices fell to VND32.9 million yesterday as many investors considered this level was reasonable to buy gold to book profits for the amount of gold they had sold at above VND33 million a tael a few days ago.
The dollar exchange rate on free market in Ho Chi Minh City surged by VND30 per dollar to VND20,180 for selling and VND20,100 for buying. Meanwhile, dollars were traded at around VND20,100-20,150 in Hanoi.
Some major commercial banks, including Vietinbank and Eximbank raised dollar purchasing price to VND19,500 yesterday.
Internationally, gold rebounded after tumbling the most in three months as dollar resumed declines, bolstering the demand for the precious metal as an alternative asset.
Gold for immediate delivery rose as much as $10.8 an ounce, or 0.8 percent, to close at $1,347.1 an ounce on the Comex in New York.
In Asia, the metal slid to below $1,345 an ounce as of 9:40 am Vietnamese time.
Holdings at SPDR Gold Trust dropped by 0.9 metric tons yesterday to 1,299.2 metric tons, the company’s website showed.
The US Federal Reserve said in its Beige Book business survey by the 12 regional banks that the country economic growth showed little sign of accelerating last month, fueling speculation it would boost purchases of government debt.
The US dollar exchange rate against the euro fell to $1.4 a euro in New York last night. However, the rate slightly recovered to $1.39 this morning.
In addition, a report by Medley Global Advisors, a consulting firm used by hedge funds, said the central bank would spend $500 billion on debts within six months, clipping dollar at 15-year low versus the yen.
Crude oil futures for November settlement gained $2.28 a barrel to close at $81.77 a barrel.
December contracts faintly slipped to trade around $82.4 a barrel this morning.
The precious metal was bought at VND33 million and sold at VND33.1 million as of 9 am local time.
In Ho Chi Minh City, Saigon Jewelry Company purchased gold at VND33.02 million and sold at VND33.08 million.
Sacombank Jewelry Company bought the metal at VND33.04 million and sold at VND33.08 million.
At the Hanoi-based Bao Tin Minh Chau gold was bought at VND33 million and sold at VND33.1 million.
Phu Quy Jewelry bought SJC-brand gold at VND33.02 million and sold at VND33.11 million.
According to gold traders, buying demand increased when the prices fell to VND32.9 million yesterday as many investors considered this level was reasonable to buy gold to book profits for the amount of gold they had sold at above VND33 million a tael a few days ago.
The dollar exchange rate on free market in Ho Chi Minh City surged by VND30 per dollar to VND20,180 for selling and VND20,100 for buying. Meanwhile, dollars were traded at around VND20,100-20,150 in Hanoi.
Some major commercial banks, including Vietinbank and Eximbank raised dollar purchasing price to VND19,500 yesterday.
Internationally, gold rebounded after tumbling the most in three months as dollar resumed declines, bolstering the demand for the precious metal as an alternative asset.
Gold for immediate delivery rose as much as $10.8 an ounce, or 0.8 percent, to close at $1,347.1 an ounce on the Comex in New York.
In Asia, the metal slid to below $1,345 an ounce as of 9:40 am Vietnamese time.
Holdings at SPDR Gold Trust dropped by 0.9 metric tons yesterday to 1,299.2 metric tons, the company’s website showed.
The US Federal Reserve said in its Beige Book business survey by the 12 regional banks that the country economic growth showed little sign of accelerating last month, fueling speculation it would boost purchases of government debt.
The US dollar exchange rate against the euro fell to $1.4 a euro in New York last night. However, the rate slightly recovered to $1.39 this morning.
In addition, a report by Medley Global Advisors, a consulting firm used by hedge funds, said the central bank would spend $500 billion on debts within six months, clipping dollar at 15-year low versus the yen.
Crude oil futures for November settlement gained $2.28 a barrel to close at $81.77 a barrel.
December contracts faintly slipped to trade around $82.4 a barrel this morning.
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