Gold jumps above VND45 million

Price of gold in Vietnam rose by VND300,000 per tael (1.2 ounces) over the previous day on February 23 as global price soared to a three-month high on fund buying.

Sacombank Jewellery Company bought gold at VND44.9 million and sold at VND45.12 million as of 8.20 am Vietnamese time.

Saigon Jewellery Company, Vietnam’s biggest gold processor and trader, collected the metal at VND44.92 million and sold at VND45.12 million as of 9.09 am Vietnamese time.

Hanoi-based Phu Quy Jewellery Company purchased SJC-brand gold at VND45.04 million and sold at VND45.13 million as of 9.24 am Vietnamese time.

Bao Tin Minh Chau Jewellery Company quoted price at VND43.95 million for buying, and at VND44.2 million for selling at 11.15 am Vietnamese time.

In the trading session yesterday, trading volume on bullion market was fairly high. DOJI Gold and Gems Group’s trading volume reached 1,365 taels of gold, of which 60 per cent was selling volume.

Domestically, gold fetched around VND600,000 a tael, higher than global price.

Dollars were bought at VND20,820 per dollar, and sold at VND20,840 per dollar on free market, unchanged as of the previous day. Black market dollar exchange rate has been stable at this level since the beginning of the week.

In commercial banks, the dollar exchange rate stalled at above VND20,800 per dollar. Vietcombank bought dollars at VND20,800 per dollar, and sold at VND20,850 per dollar, down VND10 per dollar over the previous day.

Internationally, gold jumped to a three-month high as bullish technical factors triggered fund buying.

Gold for immediate delivery surged $15.5 an ounce, or 0.9 per cent, to close at $1,776.8 an ounce on the Comex in New York. Earlier, the metal hit $1,783 an ounce, the highest level in the past three months.

In Asia, the metal went down marginally this morning. Spot gold traded at $1,774.7 an ounce, down $2.1 an ounce at 9.30 am Vietnamese time.

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

By Thuy Doan

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