Bullion shows upward trend

Gold increased VND450,000 compared to yesterday, jumping to VND44.15 million a tael (1.2 ounces) on Thursday as global price rose.

Domestically, gold still fetched VND1.6 million a tael, higher than global price.

Gold increases VND450,000 compared to yesterday, jumping to VND44.15 million a tael today (Photo: Quan Vu)

Saigon Jewelry Company, the biggest gold processor and trader in Vietnam, collected the metal at VND43.9 million and sold at VND44.15 million as of 10:44am Vietnamese time.

Sacombank Jewelry Company bought gold at VND43.70 million and sold at VND44.00 million as of 12:25am Vietnamese time.

Hanoi-based Phu Quy Jewelry Company purchased SJC-brand gold at VND43.93 million and sold at VND44.15 million as of 11:08am Vietnamese time.

Meanwhile, Bao Tin Minh Chau Jewelry Company quoted prices at VND43.93 million for buying, and VND44.10 million for selling at 12:49pm Vietnamese time.

Internationally, spot gold edged higher on Thursday, on course for a fourth session of gains, supported by hopes of increased funding from the International Monetary Fund to help tackle the eurozone debt crisis.

But physical buying from China was slowing down, as the country is headed into a week-long Lunar New Year holiday next week.

Technical analysis suggested that spot gold's bearish target at $1,625.20 has been temporarily aborted, said Reuters market analyst, Wang Tao.

Uncertainties surrounding the eurozone debt crisis continue weighing on sentiment, as investors closely watch the progress of talks between Greece and its creditors on a debt swap deal.

Failure of talks would push Greece towards a default, which could spell doom for the euro and hobble global economy.

Gold for immediate delivery in February gained as much as $5.4 an ounce, or 0.4 percent, to close at $1,664.20 an ounce on the Comex in New York.

In Asia, the metal faintly changed this morning. Spot gold rose $4.9 an ounce to trade at $1,663.80 an ounce.

By Quan Vu

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