Price of gold in Vietnam retreated to VND43.4 million a tael (1.2 ounces) after approaching VND44 million on January 4 as global price declined due to profit-taking.
Sacombank Jewelry Company bought gold at VND43.05 million and sold at VND43.55 million as of 11:15am Vietnamese time.
Saigon Jewelry Company, the biggest gold processor and trader in Vietnam, collected gold at VND43.25 million and sold at VND43.55 million as of 11:21am Vietnamese time.
Hanoi-based Phu Quy Jewelry Company purchased SJC-brand gold at VND43.35 million and sold at VND43.63 million at 11:42am Vietnamese time.
Meanwhile, Bao Tin Minh Chau Jewelry Company quoted the price at VND42.35 million for buying, and VND42.65 million for selling at 11:51am Vietnamese time.
Domestically, SJC-brand gold fetched around VND2.5 million a tael, higher than global price. Yesterday, the gap was widened to VND3 million a tael.
On free market, the dollar exchange rate continued to edge up. One dollar was bought at VND21,270 per dollar, and sold at VND21,300 per dollar, an increase of VND20 per dollar over the previous day.
Internationally, gold climbed on positive economic data from the US, Europe, and China, as well as on bullish sentiment of investors after the holidays.
A rise in the US stock markets and other high-risk assets boosted bullion price. In addition, gold rose on speculation that the US Federal Reserves would loosen its monetary policy to stimulate growth.
Gold for immediate delivery gained as much as $37.2 an ounce, or 2.4 percent, to close at $1,604.6 an ounce on the Comex in New York. This is the biggest gain of the precious metal in more than two months.
In Asia, gold rose slightly before dropping sharply as investors rushed to book profits following a rise of 2.4 percent in New York last night. Spot gold lost $8 an ounce to trade at $1,596.6 an ounce at 10:45am Vietnamese time.
The euro exchange rate against the US dollar rose to above $1.3 a euro in Tokyo this morning.
According to the International Monetary Fund, central banks around the world had bought nearly 350 tons of gold from January to November last year, of which Turkey’s central bank saw the biggest increase in gold reserves.