Gold jumps to one-month high

Price of gold in Vietnam surpassed VND45.3 million per tael (1.2 ounces), the highest level in the past four weeks, on February 29 as global price surged on speculation for more cheap loans to be offered by the European Central Bank later in the day.

Sacombank Jewellery Company bought gold at VND45.12 million and sold at VND45.27 million as of 9.50 am Vietnamese time.

Saigon Jewellery Company, Vietnam’s biggest gold processor and trader, collected the metal at VND45.12 million and sold at VND45.27 million as of 9.32 am Vietnamese time.

Hanoi-based Phu Quy Jewellery Company purchased SJC-brand gold at VND45.16 million and sold at VND45.26 million as of 9.59 am Vietnamese time.

Bao Tin Minh Chau Jewellery Company quoted price at VND44.1 million for buying, and at VND44.35 million for selling at 10.30 am Vietnamese time.

Domestically, gold fetched around VND450,000 a tael, higher than global price.

The greenback was still bought at VND20,800 per dollar, and sold at VND20,820 per dollar, unchanged as of the previous day.

Meanwhile, Vietcombank bought dollar at VND20,810 per dollar, and sold at VND20,870 per dollar, an increase of VND20 per dollar over the previous day.

Internationally, gold hovered near a three-month high on hope of a three-year low-interest cash injection by ECB later in the day.

Gold for immediate delivery gained as much as $15.8 an ounce, or 0.9 per cent, to close at $1,784.9 an ounce on the Comex in New York.

Spot gold was traded at $1,786.7 an ounce, up $1.8 an ounce, at 9.35 am Vietnamese time.

Expectations of cheap money supported stock markets, and essential commodities, and benefited gold as the metal is playing as a risky asset. Moreover, cash injection raised inflation outlook and boosted demand for gold, which is traditionally seen as a good inflation hedge.

The euro exchange rate against the US dollar traded near $1.35 a euro in Tokyo this morning from just above $1.34 a euro the previous day.

Crude oil futures for April delivery rose $0.27 a barrel to trade at $106.82 a barrel on the New York Mercantile Exchange at 9.35 am Vietnamese time.

By Thuy Doan

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