Gold rises slightly, while dollar soars
Gold rises slightly, while dollar soars
Domestic gold prices rose slightly this morning, while dollar rates soared in the flea market.
Compared to the previous day's rate, the selling price of one tael or 1.205 ounces of SJC brand gold increased by VND70,000 (US$3.1) to touch VND33.33 million ($1,478.7) in the Sai Gon Jewellery Joint Stock Company.
The buying price of each tael of gold also increased by VND70,000 ($3.1) to reach VND33.09 million ($1,468.05).
The Bao Tin Minh Chau Gold and Jewellery Company and Doji Gold listed their gold selling prices at VND33.27 million ($1,476.04), while the buying prices were listed at VND33.23 million ($1,474.2) and VND33.21 million ($1,473.3), respectively.
This morning, the gap between the selling and buying prices of gold was VND240,000 ($10.6), the same as early this week.
In the global market, reuters.com quoted HSBC analyst James Steel as saying that gold prices have risen as investors have sought protection from volatile financial markets in the wake of global stresses.
The website said despite the gains, gold wasn't too far from a near-six-year low of $1,064.95 that it hit last week on increasing expectation that the Federal Reserve would hike American rates next month for the first time in nearly a decade.
The portal said gold tended to benefit from ultra-low American rates, which lowered the cost of holding non-yielding bullion.
On the global gold trading website Kitco.com, the price of gold edged up another $11 per ounce to end at $1,079.10 per ounce, or $1,295 per tael.
Thus, on November 25, the price of one tael of gold in Viet Nam was about $183 higher than that on the world market.
In the foreign exchange market, the dollar rates were stable in most of the commercial banks. Vietcombank sold and bought each dollar for VND22,540 and VND22,470, respectively.
Meanwhile, in the flea market, the American dollar was traded at about 100 dong higher than the rates in the commercial banks. At the Quoc Trinh Gold and Jewellery Company in Ha Trung Street, which is a popular currency exchange centre in Ha Noi, one dollar was bought for VND22,610 and sold for VND22,640.
