Gold recovers, dollar slides

Price of gold in Vietnam regained VND100,000 per tael (1.2 ounces) over the previous day on February 17 as global price recovered on hope that Greece has finally done enough to secure a bailout next Monday to avoid default.

Sacombank Jewellery Company bought gold at VND44.45 million and sold at VND44.8 million as of 8 am Vietnamese time.

Saigon Jewellery Company, Vietnam’s biggest gold processor and trader, collected the metal at VND44.57 million and sold at VND44.77 million as of 9.37 am Vietnamese time.

Hanoi-based Phu Quy Jewellery Company purchased SJC-brand gold at VND44.67 million and sold at VND44.77 million as of 10.24 am Vietnamese time.

Meanwhile, Bao Tin Minh Chau Jewellery Company quoted price at VND43.65 million for buying, and VND43.9 million for selling at 10.51 am Vietnamese time.

Domestically, gold fetched around VND1.3 million a tael, higher than global price.

Dollars were bought at VND20,800 per dollar, and sold at VND20,820 per dollar, down VND20 per dollar over the previous day on free market.

Meanwhile, Vietcombank continued to quote the greenback at VND20,800 per dollar for buying, and at VND20,860 per dollar for selling, unchanged from the previous day.

Internationally, gold recovered slightly on optimism that Greece may soon secure an urgently needed bailout package. The metal also backed by encouraging economic data from the US and John Paulson’s recommendation to buy essential commodities, including gold.

Gold for immediate delivery gained as much as $0.7 an ounce to close at $1,729.8 an ounce.

Gold futures for April settlement slid $0.3 an ounce to finish at $1,728.4 an ounce on the Comex in New York.

In Asia, spot gold was traded at $1,732.6 an ounce, up $2.8 an ounce over the closing price in New York last night, at 10.05 am Vietnamese time.

The euro exchange rate against the US dollar rose to $1.31 a euro in Tokyo this morning.

By Thuy Doan

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