Gold climbs to six-week high

The price of gold in Vietnam jumped by VND250,000 a tael (1.2 ounces) over the previous day, approaching VND36.4 million a tael on February 15 as global price slightly rose due to increasing demand for the precious metal as a hedge against inflation.

Saigon Jewelry Company, the biggest gold shop in Vietnam, bought the metal at VND36.22 million and sold at VND36.3 million as of 9:52 am local time.

Meanwhile, Hanoi-based Phu Quy Jewelry Company purchased SJC-brand gold at VND36.26 million and sold at VND36.36 million at the same time.

Domestically, gold fetched VND700,000 a tael higher than global prices.

Domestic gold price was standing at the highest level since the beginning of this year with support from a rising trend in global price and an escalating dollar exchange rate.

Dollars were bought at VND21,670 and sold at VND21,720 on free market this morning.

Internationally, gold for immediate delivery gained as much as US$5.2 an ounce, or 0.4 percent, to close at $1,363 an ounce on the Comex in New York.

In Asia, the metal prolonged rising momentum, adding $2 an ounce to trade at $1,365 an ounce as of 9:30 am Vietnamese time.

Holdings at SPDR Gold Trust stayed at 1,225.5 metric tons, the company’s website showed.

The euro exchange rate against the US dollars stood at $1.35 a euro in Tokyo this morning, almost unchanged as of the previous day.

Crude oil futures for March delivery slid $0.77 a barrel to close at $84.81 a barrel on the New York Mercantile Exchange.

This morning, crude oil recovered to trade at $85.1 a barrel.

By Thuy Doan

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