Gold surges after Greece bailout deal

Price of gold in Vietnam climbed on February 22 as global price hit the highest level in the past ten weeks after eurozone finance ministers agreed on a 130 billion euro rescue package for Greece.

Sacombank Jewellery Company bought gold at VND44.55 million and sold at VND44.85 million as of 10.15 am Vietnamese time.

Saigon Jewellery Company, Vietnam’s biggest gold processor and trader, collected the metal at VND44.7 million and sold at VND44.9 million as of 11.17 am Vietnamese time.

Hanoi-based Phu Quy Jewellery Company purchased SJC-brand gold at VND44.8 million and sold at VND44.9 million as of 10.51 am Vietnamese time.

DOJI Gold and Gems Group bought SJC-brand gold at VND44.75 million and sold at VND44.9 million. In the past few days, the company’s trading volume was at just around 650-700 taels of gold per day.

At the beginning of the day, the heavy metal jumped to nearly VND45 million a tael. However, a decline in global price caused local price to retreat.

Domestically, gold fetched around VND1.2 million a tael, higher than global price.

Internationally, gold surged to a ten-week high at the trading session in New York last night after Greece sealed a deal on a bailout which sent the euro to the highest level in the past two weeks, weakening the US dollar, and boosting demand for the precious metal as an alternative asset.

Gold for immediate delivery gained 1.2 per cent to close at $1,755.45 an ounce on the Comex in New York, the highest level since February 3.

Gold futures for April delivery rose $32.6 an ounce, or 1.9 per cent, to close at $1,758.5 an ounce, the highest level since February 2.

In Asia, the metal slid slightly this morning as euphoria after the Greece deal faded swiftly as concerns on implement of unpopular reforms in Greece resurfaced. Spot gold traded at $1,754.5 an ounce at 9.09 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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