Price of gold in Vietnam dropped slightly yesterday by VND160.000 against a steep decline in global price, widening the price gap between the two to VND1.6 million a tael.
Domestic, global gold price gap widens ( Photo: U.Phuong)
Saigon Jewelry Company, Vietnam’s biggest gold processor and trader, bought the metal at VND41.88 million and sold at VND42.03 million as of 10.15am Vietnamese time.
Price of SJC gold bullion in shops under the Hanoi-based Doji Group and Bao Tin Minh Chau was at VND41.97 million and VND42.06 million a tael for bid and ask respectively, as of 8.45am Vietnamese time.
Internationally, gold futures jumped most in more than a week after a report showed the U.S. jobless rate unexpectedly increase to a five-month high.
Unemployment advanced to 8.3 per cent in July, the Labor Department said today. The rate was forecast to hold at 8.2 per cent, according to the median in a Bloomberg survey.
The jobless number climbed even as U.S. payrolls gained more than forecast last month.
Higher jobless rate may spur the Federal Reserve to boost stimulus measures in a bid to buoy growth, raising the prospect of higher inflation.
Gold futures for December delivery increased 1.2 per cent to settle at $1,609.30 an ounce at 1.58pm on the Comex in New York, the biggest gain since July 25.
The metal ended the week down 0.8 per cent, after as the European Central Bank and the Fed refrained from announcing new stimulus measures.
Bullion surged 70 per cent since end December 2008 to June 2011 as the Fed kept borrowing costs at a record low and bought $2.3 trillion of debt in two rounds of so-called quantitative easing.
Silver futures for September delivery jumped 3 per cent to $27.810 an ounce in New York, the biggest rise since June 29.
On New York Mercantile Exchange, platinum futures for October delivery climbed 1.9 per cent to $1,414.40 an ounce.
Palladium futures for September delivery rose 1.8 per cent to $578.20 an ounce.
