Sacombank Jewelry Company bought gold at VND35.7 million and sold at VND35.84 million as of 8:30 am local time.
Saigon Jewelry Company, the biggest gold shop in Vietnam, fixed the prices at VND35.7 million for buying and VND35.8 million for selling.
Hanoi-based Phu Quy Jewelry purchased SJC-brand gold at VND35.73 million and sold at VND35.85 million as of 9:30 am local time.
At the same time, gold was bought at VND35.71 million and sold at VND35.85 million at Bao Tin Minh Chau.
Domestically, gold fetched VND500,000 a tael higher than global prices.
Although the precious metal became cheaper, buying demand remained low. Meanwhile, selling demand increased as an escalating Vietnamese dong interest rate prompted many investors to sell gold for cash to deposit in banks, hurting the prices of the metal.
In addition, domestic gold prices were under the pressure caused by the US dollar’s debasement on free market.
This morning, dollars were bought at VND21,040 and sold at VND21,100 on free market, a decrease of VND40-50 per dollar over the previous day. The greenback lost VND250 per dollar within the past three days.
Internationally, gold declined as a stronger dollar sapped the demand for the metal as an alternative asset.
Gold for immediate delivery sank US$19.8 an ounce, or 1.4 percent, to close at $1,382,3 an ounce on the Comex in New York. Earlier, the metal plunged to $1,370 an ounce.
In Asia, gold advanced as a retreat from record spurred investor demand. Spot gold climbed more than $5 an ounce over the closing price in New York to trade around $1,387 an ounce as of 10 am Vietnamese time.
SPDR Gold Trust, the world’s largest exchange-traded fund backed by bullion, continued to sell gold yesterday. It said it sold 2.4 metric tons, reducing its holdings to 1,295.3 metric tons.
The US dollar maintained rising momentum against other major currencies on speculation an extension of tax cuts would boost the US economy. The dollar exchange rate against the Japanese yen stood nearly a 10-week high. While that against the euro was above $1.32 a euro in Tokyo this morning from nearly $1.33 the previous day.
Crude oil futures for January settlement dropped $0.41 a barrel, or 0.5 percent, to close at $88.28 a barrel.
This morning, crude oil restored, trading above $89 a barrel.
