Most gold shops bought the precious metal at VND32.8 million and sold at VND32.85-32.9 million as of 9 am local time.
In Ho Chi Minh City, Sacombank Jewelry Company bought gold at VND32.8 million, and sold at VND32.83 million. Saigon Jewelry Company purchased gold at VND32.79 million and sold at VND32.84 million.
Hanoi-based Bao Tin Minh Chau fixed the prices at VND32.83 million for buying and VND32.92 million for selling. Phu Quy Jewelry collected SJC-brand gold at VND32.8 million and sold at VND32.88 million.
The dollar exchange rate jumped by VND50-60 per dollar on free market in Hanoi this morning. Dollars were bought at VND20,210 and sold at VND20,240.
Internationally, gold declined as the US dollar strengthened, sapping investor demand for the metal as an alternative asset.
Immediate-delivery gold lost $15.3 an ounce over the previous trading session to close at $1,326 an ounce on the Comex in New York. Earlier, the metal sank to $1,318 an ounce.
In Asia, spot gold rose by $2 an ounce over the closing price in New York to trade at $1,328 an ounce as of 9:25 am Vietnamese time.
The greenback was steady versus other major currencies ahead of the US Federal Reserve’s meeting on November 2-3. Analysts expected that Fed would spend $80-100 billion every month to buy Treasury bill to boost economic growth.
The US economic data released yesterday showed that the country needs to take quantitative easing. Orders of durable goods and firms’ expenses unexpectedly fell in September while new home sales had not escaped from its lowest level.
The euro exchange rate against the greenback remained at $1.38 a euro this morning, almost unchanged as of the previous day.
Experts said gold would not show it tendency until Fed’s meeting ended. However, the demand at low price ranges would prevent the metal from plunging to below $1,300 an ounce. Gold was still supported by a loose monetary policy in long term.
Crude oil futures for December settlement slipped $0.59 a barrel to close at $81.96 a barrel on New York Mercantile Exchange.
This morning, crude oil slightly rose to above $82 a barrel.
