Vietnam - Gold strongly changes; black-market dollar plunges

by lexie Fri Oct 28, 2011 1:44 pm

October 28, 2011

Gold strongly changes; black-market dollar plunges

The price of gold in Vietnam rose by VND700,000 per tael (1.2 ounces) before going down VND250,000 a tael on October 28 after global price failed to maintain its rising momentum.

Sacombank Jewelry Company bought gold at VND45.2 million and sold at VND45.5 million.

Saigon Jewelry Company, the biggest gold shop in Vietnam, collected gold at VND45.05 million and sold at VND45.35 million.

Hanoi-based Phu Quy Jewlery Company also traded SJC-brand gold at the same price.

Domestically, gold fetched VND1.1 million a tael higher than global price.

The interbank exchange rate climbed for fourteen times, rising by VND15 per dollar to VND20,803 per dollar this morning. The rate has gained VND175 per dollar, or 0.85 percent, this month. Vietcombank bought dollars at VND21,005, and sold at VND 21,011. Meanwhile, on black market, the US dollar exchange rate steeply dropped. Dollars were bought at VND21,350 per dollar, and sold at VND21,450 per dollar, a decrease of VND150 per dollar over the previous day.

Internationally, gold advanced for three consecutive days, heading for the strongest weekly gain since January 2009 as a weaker US dollar bolstered demand for the precious metal as an alternative investment.

Immediate-delivery gold rose as much as $20.2 an ounce, or 0.2 percent, to $1,746.7 an ounce on the Comex in New York.

In Asia, spot gold slid $1.6 to trade at $1,745.1 an ounce at 11:05 am Vietnamese time.

The US dollar fell the most against a basket of six major currencies since March 2009 after European leaders reached an agreement in resolving the region’s debt crisis. The euro exchange rate against the US dollar climbed to nearly $1.42 a euro in Tokyo this morning from $1.4 a euro the previous day.

Crude oil futures dipped $0.37 a barrel to trade at $93.59 a barrel on the New York Mercantile Exchange at 11:15 am Vietnamese time.

http://www.vietfinancenews.com/2011/10/gold-strongly-changes-black-market.html