Gold hovers around VND45.4 million

Price of gold in Vietnam treaded water at around VND45.4 million a tael (1.2 ounces) on February 3 although global prices rose nearly US$15 an ounce this morning.

Sacombank Jewellery Company bought gold at VND45.15 million and sold at VND45.45 million as of 8:30 am Vietnamese time.

Saigon Jewellery Company, the biggest gold processor and trader in Vietnam, collected the metal at VND45.1 million and sold at VND45.4 million as of 9:25 am Vietnamese time.

Hanoi-based Phu Quy Jewellery Company purchased SJC-brand gold at VND45.26 million and sold at VND45.38 million as of 9:57 am Vietnamese time.

Meanwhile, Bao Tin Minh Chau Jewellery Company quoted price at VND44.35 million for buying, and VND44.6 million for selling at 10 am Vietnamese time.

Domestically, gold still fetched around VND1 million a tael, higher than global price.

Dollars were bought at VND21,020 per dollar, and sold at VND21,050 per dollar, a decrease of VND150-200 per dollar over the previous day, on the free market in Hanoi. Vietcombank bought the greenback at VND20,950 per dollar, and sold at VND21,020 per dollar, a decrease of VND16 per dollar over the previous day.

Internationally, gold topped an eleven-week high as concerns over talks between Greece and its private creditors continued to boost demand for the precious metal as a safe-haven.

Gold for immediate delivery gained as much as $15.4 an ounce, or 0.9 percent, to close at $1,759.4 an ounce on the Comex in New York. Earlier, the precious metal hit $1,760.7 an ounce, the highest level since December 2, last year. Bullion has gained 12 percent since the beginning of this year.

Gold futures for April delivery rose as much as $9.8 an ounce, or 0.6 percent, to close at $1,759.3 an ounce, the highest level since mid-November of last year. In this trading session, the metal swung between $1,743.3 an ounce and $1,763.8 an ounce.

SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, said its holdings rose nearly half a per cent to 1,277.135 tons on February 2.

Investors are waiting for the final results of the negotiations between Greece and its international lenders which are expected to end this weekend. In addition, they also eye US labour market report, which will be released today. The report is expected to show that the US employment growth probably slowed in January.

In Asia, bullion slid slightly this morning. Spot gold fell $1.9 an ounce to trade at $1,757.5 an ounce at 10:50am Vietnamese time.

The euro exchange rate against the US dollar was at just above $1.31 a euro in Tokyo this morning.

By Thuy Doan

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