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 VIETNAM - Gold unexpectedly slumps

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Join date : 2011-06-24

PostSubject: VIETNAM - Gold unexpectedly slumps   Thu Nov 10, 2011 12:29 pm

November 10, 2011

Gold unexpectedly slumps

The price of gold in Vietnam dropped by VND250,000 a tael (1.2 ounces) over the previous day on November 10 as global price made sharp correction in the trading session in New York last night.

Sacombank Jewelry Company bought gold at VND46 million and sold at VND46.15 million as of 10:40 am Vietnamese time.

Saigon Jewelry Company, the biggest gold processor and trader in Vietnam, quoted the price at VND46 million for buying and VND46.2 million for selling at the same time.

Hanoi-based Phu Quy Jewelry Company purchased SJC-brand gold at VND45.9 million and sold at VND46.2 million as of 10:49 am.

Domestically, gold fetched VND650,000 a tael higher than global price.

Dollar exchange rate stood still for two weeks at commercial banks. On free market, dollars were bought at VND21,340 per dollar, and sold at VND21,380 per dollar, an increase of VND20 per dollar in buying price, and a decrease of VND20 per dollar in selling price over the previous day.

Internationally, gold strongly fell as the Europe’s sovereign-debt crisis is worsening, curbing demand for the precious metal as an alternative asset.

Gold for immediate delivery fell as much as $16.5 an ounce, or 0.9 percent, to close at $1,769.6 an ounce on the Comex in New York.

In Asia, spot gold shed $7 an ounce to trade at $1,762.6 an ounce at 10:20 am Vietnamese time. Earlier, the metal sank by more than 1 percent.

SPDR Gold Trust, the world’s largest exchange traded fund backed by bullion, bought 3 more metric tons of gold, raising its holdings to 1,267.2 metric tons yesterday, the company’s website showed.

The euro exchange rate against the US dollar severely fell to just above $1.35 a euro in Tokyo this morning from $1.38 a euro the previous day.

Crude oil futures for December settlement lost as much as $1.06 a barrel to close at $95.74 a barrel on the New York Mercantile Exchange.

Crude oil was traded at $95.48 a barrel, down $0.26 a barrel, at 10:10 am Vietnamese time.


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