Gold drops marginally

Price of gold in Vietnam slipped VND50,000 per tael (1.2 ounces) over the previous day on February 14 as global price went down ahead of a meeting between leaders in the eurozone to decide whether to give Greece a new rescue package.

Sacombank Jewellery Company bought gold at VND44.45 million and sold at VND44.75 million as of 8 am Vietnamese time.

Saigon Jewellery Company, Vietnam’s biggest gold processor and trader, collected the metal at VND44.55 million and sold at VND44.75 million as of 7.54 am Vietnamese time.

Hanoi-based Phu Quy Jewellery Company purchased SJC-brand gold at VND44.64 million and sold at VND44.74 million as of 9.34 am Vietnamese time.

Meanwhile, Bao Tin Minh Chau Jewellery Company quoted price at VND43.7 million for buying, and VND43.95 million for selling at 10.46 am Vietnamese time.

Domestically, gold fetched around VND1.3-1.4 million a tael, higher than global price.

Dollars were bought at VND20,820 per dollar, and sold at VND20,840 per dollar, down VND20 per dollar over the previous day on free market. Black market dollars fell by VND160 per dollar in the past ten days.

Meanwhile, Vietcombank purchased the greenback at VND20,820 per dollar, and sold at VND20,890 per dollar, a rise of VND10 per dollar over the previous day.

Internationally, gold dropped slightly as investors became cautious. Although Greek policy makers passed the austerity bill, hoping for the second bailout package from the European Union, they have to wait until Wednesday to know whether European leaders agree to pump money into Athens.

Concerns over the European sovereign-debt crisis increased after Moody’s Investors Service downgraded credit ratings of Italy, Portugal, Spain, Slovakia, Slovenia, and Malta. It also warned that it may cut triple-A ratings of France, the United Kingdom, and Austria. Moreover, Fitch lowered ratings of four major Spanish banks, while Standard & Poor’s cut ratings for the industry as a whole.

Immediate-delivery gold lost $3.8 an ounce to trade at $1,719.1 an ounce at 10 am Vietnamese time. Yesterday, the metal slid $0.2 an ounce to close at $1,722.9 an ounce on the Comex in New York.

Gold futures for April delivery declined $3.7 an ounce to trade at $1,721.2 an ounce at 9 am Vietnamese time.

The euro exchange rate against the US dollar fell to below $1.32 a euro in Tokyo this morning from above $1.32 the previous day.

Crude oil futures lost $0.37 a barrel to trade at $100.56 a barrel at 10.05 am Vietnamese time.

By Thuy Doan

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