HANOI (Commodity Online) : Gold prices in Vietnam eased Tuesday after hitting as high as 40 million dong a teal (1.2 ounces) recently on global cues.
The yellow metal was bought VND39.76 million and sold at VND39.85 million at Saigon Jewelry Company in morning g trade. Normally Vietnam gold prices fetched around VND350,000 a tael lower than global price.
Sacombank Jewelry Company quoted the price at VND39.77 million for buying and VND39.83 million for selling.
On Monday, gold surged to an all-time high of VND39.95 million a tael.
According to some gold traders, gold keepers should wait for a better price to sell gold. Buying demand on bullion market was mainly from minor transactions of people who bought the metal for long-term reserve or to cut loss, and pay their debts. Generally, most investors were cautious and precautious as the precious metal rose rapidly.
State-owned Vietcombank bought the greenback at VND20,560 and sold at VND20,610, an increase of VND10 per dollar in buying price. The inter-bank exchange rate stood firmly at VND20,608 per dollar.
Internationally, gold strongly escalated as US lawmakers remained deadlocked on how to tackle the country’s debt crisis and avert a default before an August 2 deadline, boosting demand for the precious metal as a store of value.
Gold for immediate delivery climbed as much as $14.5 an ounce, or 0.9 percent, to close at $1,615.8 an ounce on the Comex in New York after hitting a record at $1,622.5 an ounce.
In Asia, the metal faintly fluctuated between $1,614 and $1,616 an ounce this morning.
