Bullion extends loss

Price of gold in Vietnam dropped VND200,000 a tael (1.2 ounces) over last weekend on January 16 as global price went down over concern of the eurozone sovereign-debt crisis.

Sacombank Jewelry Company bought gold at VND43.15 million and sold at VND43.45 million as of 9:05am Vietnamese time.

Saigon Jewelry Company, the biggest gold processor and trader in Vietnam, collected gold at VND43.2 million and sold at VND43.5 million as of 8:53am Vietnamese time.

Hanoi-based Phu Quy Jewelry Company purchased SJC-brand gold at VND43.32 million and sold at VND43.55 million as of 9:16am Vietnamese time.

Meanwhile, Bao Tin Minh Chau Jewelry Company quoted the price at VND42.15 million for buying, and VND42.4 million for selling at 11:22am Vietnamese time.

Domestic gold fetched around VND2 million, higher than global price.

Local gold price reacted slowly against the global price this morning. Since opening at around 9am, local price declined along with global price. However, when the latter recovered, the former still stood at VND43.5 million.

After dropping around VND200 per dollar last week, the dollar exchange rate rose slightly on free market this morning. Dollars were bought at VND21,020, and sold at VND21,060, an increase of VND20 per dollar in buying price, and VND10 per dollar in selling price over last weekend.

Internationally, gold was weighed down by a stronger US dollar after Standard & Poor’s downgraded several nations in the eurozone on Friday.

Spot gold gained $0.5 an ounce over the closing price in New York last weekend to trade at $1,641.2 an ounce at 10:30am Vietnamese time. Previously, the heavy metal retreated to just above $1,630 an ounce.

The euro exchange rate against the US dollar was above $1.26 a euro in Tokyo this morning. Last week, the shared currency lost 1.1 percent against the greenback, setting for the sixth weekly drop, the longest losing run in nearly two years.

This week, investors will closely watch Greece talks with credit banks.

By Da Nguyet

Other news