At the beginning of the day, SJC-brand gold of the Saigon Jewlery Co. was bought at VND31.15 million and sold at VND31.19 million, a decrease of VND70,000 a tael over last afternoon.
However, the prices rapidly climbed to VND31.23 million and VND31.27 million as of 9:50 am local time.
In Hanoi, the precious metal was traded at VND31.3 million a tael at the same time, an increase of VND60,000 a tael higher than that at the beginning of the day.
Domestically, the metal fetched VND100,000 a tael higher than global prices.
According to gold traders, this is a reasonable gap that ensures profits for firms if they import gold.
On free market, the US dollar exchange rate cooled down as the greenback was purchased at VND19,650 and sold at VND19,670, down VND20 per dollar over the previous day.
Globally, the metal experienced a choppy trading session.
Gold hit $1,317.5 an ounce at the beginning of the trading session in New York, posting an all-time high for the tenth time in this month, amid Moody’s Investors Service cut Spain’s credit rating to AA1 from AAA. Meanwhile, Ireland had to bail out two major banks from bankruptcy, urging investors to buy gold.
However, the metal reversed as positive economic data prompted investors to lock in gains.
The US Commerce Department announced that gross domestic production in the second quarter grew 1.7 percent, higher than a preliminary level of 1.6 percent released earlier and forecast.
According to a report by the Department of Labor, initial jobless claims for the week ended September 25 unexpectedly shrank to 453,000, down 16,000.
In addition, the Chicago Purchasing Managers Index surprisingly accelerated in September.
Holdings at SPDR Gold Trust dropped by 0.9 metric tons to 1,304.8 metric tons, figures on the company’s website showed.
Spot gold dipped $0.4 an ounce over the previous session to close at 1,310.5.
In Asia, the metal edged up to trade at $1,310.8 an ounce as of 9:35 am Vietnamese time.
The euro exchange rate was at nearly $1.37 a euro in Tokyo this morning from $1.36 yesterday.
Crude oil rose as much as $2.11 a barrel to close at $79.97 a barrel, the highest level since August 10.
This morning, crude oil approached $80.5 a barrel.
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