Slight rise in gold

Price of gold in Vietnam rose by VND100,000 per tael (1.2 ounces) over the previous day on February 15 while global price moved flat as investors became cautious about the situation in Greece.

Sacombank Jewellery Company bought gold at VND44.4 million and sold at VND44.75 million as of 9 am Vietnamese time.

Saigon Jewellery Company, Vietnam’s biggest gold processor and trader, collected the metal at VND44.6 million and sold at VND44.8 million as of 9.07 am Vietnamese time.

Hanoi-based Phu Quy Jewellery Company purchased SJC-brand gold at VND44.72 million and sold at VND44.82 million as of 9.27 am Vietnamese time.

Meanwhile, Bao Tin Minh Chau Jewellery Company quoted price at VND43.7 million for buying, and VND43.95 million for selling at 10.39 am Vietnamese time.

Domestically, gold fetched around VND1.4 million a tael, higher than global price.

Dollars were bought at VND20,810 per dollar, and sold at VND20,840 per dollar, down VND10 per dollar in buying price over the previous day on the free market.

Meanwhile, Vietcombank purchased the greenback at VND20,810 per dollar, and sold at VND20,870 per dollar, a drop of VND10 per dollar in buying price, and VND20 per dollar in selling price over the previous day.

Internationally, gold almost tread water as investors remained guarded after signs of a possibility that Greece would be rescued from bankruptcy became vague again. Yesterday, Eurozone leaders cancelled their Wednesday face-to-face meeting to take decision on the fate of Greece because the country has yet to convince them of its ability to stick to reforms needed to secure a bailout.

Gold for immediate delivery fell as much as $0.8 an ounce to close at $1,721.1 an ounce.

Gold futures for April settlement sank $7.2 an ounce, or 0.4 per cent, to finish at $1,717.7 an ounce on the Comex in New York.

In Asia, spot gold was traded at $1,725.4 an ounce, up $3.3 an ounce over the closing price in New York last night, at 9.30 am Vietnamese time.

SPDR Gold Trust, the largest exchange traded fund backed by bullion, sold around 0.4 metric tons of gold, reducing its holdings to 1,278.3 metric tonnes, as per company website.

The euro exchange rate against the US dollar fell to just above $1.31 a euro in Tokyo this morning from nearly $1.32 the previous day.

Crude oil futures lost $0.37 a barrel to trade at $100.56 a barrel at 10.05 am Vietnamese time.

By Thuy Doan

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