Gold treads water

Price of gold in Vietnam rose slightly over the closing price previous day on February 21 as global price inched up, after eurozone finance ministers approved the second bailout package for debt-laden Greece.

Sacombank Jewellery Company bought gold at VND44.35 million and sold at VND44.75 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 10.24 am Vietnamese time.

Hanoi-based Phu Quy Jewellery Company purchased SJC-brand gold at VND44.68 million and sold at VND44.77 million as of 10.14 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 12.22 pm Vietnamese time.

Local prices had been trapped in a tight range of VND44.7- 44.9 million a tael for more than half a month. Trading on bullion market became muted as prices moved flat while market lacked unexpected factors.

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

Dollars were bought at VND20,810 per dollar, and sold at VND20,830 per dollar on free market this morning, unchanged from previous day.

Meanwhile, Vietcombank purchased the greenback at VND20,810 per dollar, and sold at VND20,860 per dollar, down VND10 per dollar in selling price over the previous day.

Internationally, gold went down a little at the beginning of the trading session in Asia this morning. However, the metal rebounded after news that eurozone leaders had decided to help Greece resolve its immediate payment needs.

Gold for immediate delivery gained as much as $1.9 an ounce to trade at $1,737 an ounce at 10.10 am Vietnamese time.

Spot gold closed at $1,735.1 an ounce, up $10.3 an ounce, or 0.6 per cent, on the Comex in New York last night.

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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