At most gold shops this morning, the precious metal was bought at VND33-33.1 million, an increase of VND350,000-450,000 a tael and sold at VND33.2-33.3 million, an increase of VND450,000-600,000 a tael over the previous day.
Saigon Jewelry bought gold at VND33.15 and sold at VND33.25 million as of 8:20 am local time. However, the company cut the rate to VND33.04 million for buying and VND33.1 million for selling as of 11:30 am.
Sacombank Jewelry purchased the metal at VND33.14 million and sold at an all-time high of VND33.34 million at the beginning of the day. But the metal was bought at VND33.04 million and sold at VND33.14 million three hours later.
Domestically, gold fetched VND500,000 a tael higher than global prices.
Jewelers extended the gap between buying and selling prices to VND200,000 to prevent risks as a strong movement of the metal at the beginning of the day prompted gold traders to be cautious.
The US dollar exchange rate against the Vietnamese dong faintly slid on free market this morning. Dollars were bought at VND19,800 and sold at VND19,830, down VND10 per dollar over the previous day.
Internationally, the yellow metal jumped 1.6 percent as the greenback’s debasement bolstered the demand for the metal as an alternative asset.
Gold for immediate delivery rose as much as $21.4 an ounce to close at $1,372.9 an ounce on the Comex in New York.
In Asia, the metal leaped above $1,379 an ounce as of 9:15 am Vietnamese time.
The US Federal Reserve’s announcement that it prepared to pump more money into the market to boost economic growth remained the main factor that eroded the greenback’s strength and supported the gold price.
The US dollar exchange rate against the euro fell to $1.4 in Tokyo this morning, the lowest level in eight months. Meanwhile, the US Dollar Index, a gauge of the greenback’s strength against a basket of six major currencies, sank to the lowest level since mid-January.
Holdings at SPDR Gold Trust, the largest exchange-traded fund backed by bullion, reduced by 2.1 metric tons to 1,285.2 metric tons. However, the sales of the company have not affected the metal’s rising trend recently.
Crude oil futures for November settlement surged $1.34 a barrel to close at $83.01 a barrel in New York.
This morning, crude oil traded near $84 a barrel.
