Gold hovers around VND38 million

The price of gold in Vietnam remained sizzling, hovering around VND38 million a tael (1.2 ounces) on February 21, backed by a firm rising momentum in global prices.

Sacombank Jewelery Company adjusted the prices for the nine times in the day by 10 am local time, buying gold at VND37.71 million and sold at VND37.89 million.

Saigon Jewelry Company, the biggest gold shop in Vietnam, bought the precious metal at VND37.8 million and sold at VND37.9 million as of 10:15 am.

Meanwhile, Hanoi-based Bao Tin Minh Chau bought gold at VND37.72 million and sold at VND37.95 million at the same time.

Trading on bullion market was poor as investors were wary amid the prices changed rapidly. Gold hit an all-time high of VND38.44 million a tael on February 19.

Domestically, gold fetched VND500,000 a tael higher than global prices.

The interbank US dollar exchange rate slid by VND5 per dollar over last Friday to VND20,673 on February 21. Vietcombank quoted the rate at VND20,780 for buying and VND20,880 for selling.

The dollar exchange rate declined sharply on free market this morning. Dollars were bought at VND22,170, and sold at VND22,270.

Gold soared strongly on the trading session in Asia this morning.

Gold for immediate delivery surged as much as $6.3 an ounce over the closing price in New York to trade at $1,396.4 an ounce as of 9:50 am Vietnamese time. This is the highest price in the past six weeks.

Last week, the metal gained 2.4 percent, marking for biggest weekly gain since the beginning of December last year.

The yellow metal prices were fueled by the political crisis in Middle East and North Africa and speculation that the European debt crisis may escalate again after Portugal’s 10-year bond yield rose 18 basis points last week to 7.50 percent.

The euro exchange rate against the greenback was nearly $1.37 a euro in Tokyo this morning.

Crude oil futures for April delivery surged to nearly $87.3 a barrel.

By Sao Khue

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