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VIETNAM - Gold changes little

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Post by lexie Fri Feb 10, 2012 10:21 am

February 10, 2012

Gold changes little

Price of gold in Vietnam retreated the second day to below VND44.9 million a tael (1.2 ounces) on February 10 as global price hovered in tight range over cautiousness over eurozone finance ministers demanding reassurance even after Greece clinched a long-stalled bailout deal.

Sacombank Jewellery Company bought gold at VND44.55 million and sold at VND44.85 million as of 9.25 am Vietnamese time.

Saigon Jewellery Company, Vietnam’s biggest gold processor and trader, collected the metal at VND44.58 million and sold at VND44.88 million as of 7.56 am Vietnamese time.

Hanoi-based Phu Quy Jewellery Company purchased SJC-brand gold at VND44.75 million and sold at VND44.9 million as of 8.36 am Vietnamese time.

Meanwhile, Bao Tin Minh Chau Jewellery Company quoted prices at VND43.85 million for buying, and VND44.1 million for selling at 9.43 am Vietnamese time.

Domestically, gold fetched around VND1.2 million a tael, higher than global price.

Trading volume at DOJI Gold and Gems was at around 1,000 taels of gold yesterday.

On free market, dollars were bought at VND20,800 per dollar, and sold at VND20,900-21,000 per dollar, down VND80 per dollar in buying price over the previous day.

The interbank exchange rate remained at VND20,828 per dollar and the allowed ceiling price was at VND21,036 for more than one month. However, the rates quoted at commercial banks dropped continually. Vietcombank bought the greenback at VND20,860 per dollar, and VND20,930 per dollar, a decrease of VND20 per dollar over the previous day. Eximbank quoted the price at VND20,860 per dollar for buying, and VND20,940 per dollar for selling, down VND10 per dollar in selling price over the previous day.

Internationally, gold rebounded faintly in the trading session in New York last night, supported by higher-than-expected China inflation and a euro strengthened by hopes that Greece was moving closer to a bailout deal.

Gold futures for April delivery rose as much as $9.9 an ounce, or 0.5 per cent, to close at $1,741.2 an ounce on the Comex in New York.

Yesterday, Bank of England announced plans to pump a further 50 billion pounds into the ailing British economy in the next three months, and keep interest rates at their current record low of 0.5 per cent. The European Central Bank also kept its benchmark interest rates at a record low of 1 per cent.

In Asia, spot gold was traded at $1,730.87 an ounce at 10.55 am Vietnamese time.

The euro exchange rate against the US dollar hovered above $1.32 a euro in Tokyo this morning.


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