Gold stands steadily below VND36 million

The price of gold in Vietnam continued to hover around VND35.9 million a tael (1.2 ounces) on December 22 as global prices were almost unchanged.

Saigon Jewelery Company, the biggest gold shop in Vietnam, bought gold at VND35.82 million and sold at VND35.89 million.

At Sacombank Jewelery Company, gold was bought at VND35.83 million and sold at VND35.91 million.

Meanwhile, Hanoi-based Phu Quy Jewelry purchased SJC-brand gold at VND35.82 million and sold at VND35.92 million.

Domestically, gold fetched VND500,000 higher than global prices.

Trading on bullion market remained subdued in the last days of this year.

On free market this morning, the US dollar exchange rate against the Vietnamese dong resumed losing trend. Dollars were bought at VND21,040 and sold at VND21,080, a decrease of VND40 per dollar over the previous day.

Internationally, gold declined as a stronger dollar sapped the precious metal’s appeal as an alternative asset.

Gold for immediate delivery fell as much as $0.3 an ounce to close at $1,386.5 an ounce on the Comex in New York.

In Asia, gold significantly recovered this morning. Spot gold surged $5 an ounce to trade at $1,391 an ounce as of 10 am Vietnamese time.

The euro devalued against the US dollar and other major currencies after Moody’s Investors Service signaled it would possibly downgrade credit ratings of Portugal and Greece. The euro exchange rate against the greenback was at above $1.31 a euro in Tokyo this morning.

Crude oil futures for February delivery gained $0.45 a barrel to close at $89.82 a barrel on the New York Mercantile Exchange.

This morning, crude oil slightly rose to trade above $89.9 a barrel.

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