VIETNAM - Gold recovers VND150,000 per tael

by lexie Mon Feb 06, 2012 9:12 am

February 6, 2012

Gold recovers VND150,000 per tael

Price of gold in Vietnam rose by VND150,000 a tael (1.2 ounces) over last weekend to around VND45.1 million a tael on February 6 as global price recovered after Asian investors rushed to buy gold after prices declined.

Sacombank Jewellery Company bought gold at VND44.7 million and sold at VND45.05 million as of 7:50 am Vietnamese time.

Saigon Jewellery Company, Vietnam’s biggest gold processor and trader, collected the metal at VND44.8 million and sold at VND45.1 million as of 9:09 am Vietnamese time.

Hanoi-based Phu Quy Jewellery Company purchased SJC-brand gold at VND44.95 million and sold at VND45.07 million as of 12:22 pm Vietnamese time.

Meanwhile, Bao Tin Minh Chau Jewellery Company quoted price at VND44 million for buying, and VND44.2 million for selling at 12:30 pm Vietnamese time.

Domestically, gold fetched VND900,000 a tael, higher than global price.

On free market, dollar exchange rate inched up slightly this morning. The greenback was bought at VND20,980 per dollar, and sold at VND21,010 per dollar, an increase of VND10 per dollar over last Saturday.

Meanwhile, some commercial banks lowered their dollar exchange rate to below the ceiling price. Vietcombank bought dollars at VND20,920 per dollar, and sold at VND20,990 per dollar, up VND14 per dollar in buying price but down VND46 per dollar in selling price.

After Tet holidays, the rate continually changed at commercial banks despite a stable interbank exchange rate at VND20,828 per dollar.

Internationally, gold strongly rebounded as Asian investors bought gold heavily, taking advantage of a sharp decline last weekend.

Gold for immediate delivery rose as much as $7 an ounce, or 0.4 per cent, to trade at $1,734.3 an ounce in Asia at 9:40 am Vietnamese time.

International analysts said that gold remained under depreciation pressure as a better-than-expected US job report in January eroded expectations for another quantitative easing package from the US Federal Reserve. Besides, that Greece had not reached an agreement with its private creditors yet also increased cautiousness.

Last week, the heavy metal lost 0.6 per cent, ceasing a four-consecutive-weekly-winning streak.

The euro exchange rate against the US dollar was at nearly $1.31 a euro in Tokyo this morning.

Crude oil futures dropped $0.56 a barrel to trade at $97.28 a barrel at 9:50 am Vietnamese time.

http://www.vietfinancenews.com/2012/02/gold-recovers-vnd150000-per-tael.html