Business
Gold retreats to below VND46.5 mil
The price of gold in Vietnam slid by VND200,000 a tael (1.2 ounces) over the previous day on November 15 as global price made correction due to a stronger US dollar.
 |
>> Gold opens week on rising trend
Sacombank Jewelry Company and Saigon Jewelry Company, the biggest gold processor and trader in Vietnam, bought gold at VND46.25 million and sold at VND46.45 million this morning.
Hanoi-based Phu Quy Jewelry Company purchased SJC-brand gold at VND46.15 million and sold at VND46.35 million as of 12:15 pm Vietnamese time.
Bao Tin Minh Chau quoted the price at VND45.45 million for buying, and VND45.65 million for selling at 1:20 pm local time.
Domestically, gold fetched around VND1 million higher than global price.
Internationally, gold slid as the US dollar strengthened, sapping demand for the heavy metal as an alternative asset.
Gold for immediate delivery fell as much as $8 an ounce to close at $1,780.3 an ounce on the Comex in New York.
Gold futures for December settlement reduced $9.7 an ounce to finish at $1,778.4 an ounce.
In Asia, spot gold hovered around $1,779 an ounce at 9:30 am Vietnamese time.
SPDR Gold Trust, the largest exchange traded fund backed by bullion, sold 0.39 metric tons of gold, sending its holdings to 1,268.28 metric tons, the company’s website showed.
The euro exchange rate against the US dollar was at above $1.35 a euro in Tokyo this morning.
Crude oil was traded at $98.27 a barrel on the New York Mercantile Exchange at 1:40 pm Vietnamese time.
Latest News
- Keangnam tower changes Hanoi office trends (May 15, 2012)
- Garment firms trying on locals for size (May 14, 2012)
- Gold devalues; black-market dollar rises (May 14, 2012)
- VietJetAir opens two new routes from Hanoi (May 14, 2012)
- Vinamilk’s chief listed among Asia’s best CEO’s (May 14, 2012)
- Banking restructuring is nothing to be feared (May 14, 2012)
- iPad 2012 on sales in Vietnam: official (May 14, 2012)
- Indian businesses keen on Vietnam’s investment environment (May 14, 2012)
- Vietinbank issues international bonds (May 13, 2012)
- Tra fish processing industry struggles to reach export goal (May 12, 2012)
More News
- Japan firms to develop waste treatment project (Nov 15, 2011)
- Fruit and vegetable exports tipped to rise ‘significantly' (Nov 15, 2011)
- Chile removes tariffs on Vietnamese products (Nov 15, 2011)
- Industrial exports expected to stall (Nov 15, 2011)
- Coke plans $2 billion investment in India (Nov 15, 2011)
- Vietnam, India step up bilateral trade to boost business investments (Nov 14, 2011)
- Gold opens week on rising trend (Nov 14, 2011)
- Consumer-driven firms enjoying record growth (Nov 14, 2011)
- Vietnam maps out a road to more wealth (Nov 14, 2011)
- Labour laws seen as hard work by firms (Nov 14, 2011)
Popular
Coal exports to fund Vinacomin: official
Nguyen Khac Tho, deputy head of the General Department of Energy, told Tuoi Tre that state-run coal giant Vinacomin has to export coal in order to obtain capital for operation, despite the fact that the country will have to begin importing coal in 2015.
