Gold inches up as global price jumps

Price of gold in Vietnam recovered by VND200,000 per tael over the previous day to VND45.15 million a tael (1.2 ounces) on February 8 as global price rebounded the most in two weeks on optimism that Greece would avoid a default.

Sacombank Jewellery Company bought gold at VND44.85 million and sold at VND45.15 million as of 8:30 am Vietnamese time.

Saigon Jewellery Company, Vietnam’s biggest gold processor and trader, collected the metal at VND44.85 million and sold at VND45.05 million as of 9:07 am Vietnamese time.

Hanoi-based Phu Quy Jewellery Company purchased SJC-brand gold at VND44.9 million and sold at VND45.05 million as of 9:29 am Vietnamese time.

Meanwhile, Bao Tin Minh Chau Jewellery Company quoted price at VND43.95 million for buying, and VND44.2 million for selling at 9:37 am Vietnamese time.

Domestically, gold fetched around VND1.05 million a tael, higher than global price.

Trading volume of DOJI Gold and Gems Group only reached 800 taels of gold, a decrease of 500 taels from beginning of this week.

On free market, dollars were bought at VND20,890 per dollar, and sold at VND20,920 per dollar, a decrease of VND60 per dollar in buying price, and VND50 per dollar in selling price.

Vietcombank bought the greenback at VND20,885 and sold at VND21,035, down VND35 per dollar in buying price, but up VND45 per dollar in selling price.

Internationally, gold posted the biggest one-day rise in nearly two weeks on speculation that Greece will soon reach an agreement to receive the new bailout package, bolstering demand for the precious metal as a hedge against inflation.

The Greek government was preparing a list of reforms needed to clinch a bailout package. The metal stayed high even after the meeting to discuss the rescue plan was postponed again to Wednesday. The draft of a text on the 130 billion euro ($172 billion) bailout plan will be put to Greek leaders for approval today.

Gold futures for April delivery rose as much as $23.5 an ounce, or 1.4 per cent, to close at $1,748.4 an ounce on the Comex in New York.

Gold for immediate delivery gained 1.6 per cent to close at $1,746.64 an ounce.

In Asia, spot gold was traded at $1,746.98 an ounce at 10:34 am Vietnamese time.

The euro exchange rate against the US dollar was above $1.32 a euro in Tokyo this morning.

By Thuy Doan

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