Gold crosses VND46 million a tael

Price of gold in Vietnam surpassed VND46 million per tael (1.2 ounces) on September 6 as global price jumped above US$1,700 an ounce after the European Central Bank announced that a new bond-buying program will be launched soon.

Saigon Jewelry Company, Vietnam’s biggest gold processer and trader, bought the metal at VND45.95 million and sold at VND46.15 million as of 3.30pm Vietnamese time.

Phu Nhuan Jewelry Company purchased gold at VND45.9 million and sold at VND46.05 million as of 4.50pm Vietnamese time.

Hanoi-based Bao Tin Minh Chau Jewelry Company quoted price at VND42.55 million for buying, and at VND42.85 million for selling.

Meanwhile, Phu Quy Jewelry Company bought SJC-brand gold at VND45.98 million, and sold at VND46.18 million at 3.30pm Vietnamese time.

Since early August, the heavy metal has gained by nearly VND4.2 million. Gold was standing at the highest level since November 17, 2011.

Domestically, gold fetched around VND3 million a tael higher than global price.

Internationally, gold rose to a six-month high after European Central Bank unveiled a bond-buying plan to protect the Euro from a deep sell-off.

ECB President Mario Draghi said the bank agreed to launch a new and potentially unlimited bond-buying program to lower struggling eurozone countries' borrowing costs and draw a line on the debt crisis.

In London, gold for immediate delivery rose $17.7 an ounce to trade at $1,712.1 an ounce at 3.30pm Vietnamese time.

Holdings at SPDR Gold Trust, the world’s largest exchange traded fund backed by bullion, rose by 3.6 metric tons this week to 1,293.1 metric tons.

Euro exchange rate against the US dollar was at above $1.26 a Euro in London at 3pm Vietnamese time.

By Thuy Doan

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