Gold and dollar recoil

December 02, 2010 | 21:00

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The price of gold in Vietnam fell by VND150,000 a tael (1.2 ounces) over the previous day on December 2 while global prices fluctuated around US$1,390 an ounce this morning.

Most gold shops bought the metal at VND36.2 million and sold at VND36.3 million as of 10 am local time.

Sacombank Jewelry Co. bought gold at VND36.19 million, and sold at VND36.27 million.

At the Hanoi-based Phu Quy Jewelry, SJC-brand gold was purchased at VND36.22 million and sold at VND36.32 million.

According to gold traders, profit-taking took the upper hand on bullion market when the prices climbed as many businesses had not fully imported their quotas of gold.

Domestically, gold only fetched VND150,000 a tael higher than global prices. However, most gold traders said this gap would be enough to ensure profits for gold importers.

The dollar exchange rate on free market also slid this morning after continuously escalating in the past few days. Dollars were bought at VND21,450 and sold at VND21,500 in Hanoi. Yesterday, the greenback was traded at VND21,570.

Internationally, gold was almost unchanged as investors were waiting for the movements involving to the Europe’s sovereign-debt crisis and political tensions on Korean peninsula.

Gold for immediate delivery slightly dropped by $0.6 an ounce to close at $1,387.6 an ounce on the Comex in New York.

In Asia, gold rose $5 an ounce over the closing price in New York to trade at $1,392.6 an ounce as of 10:20 am Vietnamese time.

The euro exchange rate against the US dollar recovered to $1.31 a euro in Tokyo this morning from $1.3 the previous day.

Crude oil futures for January delivery surged $2.64 a barrel, or 3 percent, to close at $86.75 a barrel on the New York Mercantile Exchange.

This morning, crude oil retreated to around $86.4 a barrel.

SGGP

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