Domestic gold outpaces global price

Price of gold in Vietnam rose by VND50,000 per tael (1.2 ounces) over last weekend on March 5 due to weak recovery in global price.

Sacombank Jewellery Company bought gold at VND44.65 million and sold at VND44.75 million as of 9.45am Vietnamese time.

Saigon Jewellery Company, Vietnam’s biggest gold processor and trader, collected the metal at VND44.59 million and sold at
VND44.74 million as of 10.12am Vietnamese time.

Hanoi-based Phu Quy Jewellery Company purchased SJC-brand gold at VND44.67 million and sold at VND44.76 million as of 10.34am Vietnamese time.

Bao Tin Minh Chau Jewellery Company quoted price at VND43.55 million for buying, and at VND43.8 million for selling at 10.45am Vietnamese time.

Domestically, gold fetched around VND1.8 million a tael, higher than global price. Last week, global price fell 3.5 per cent while domestic price only declined by VND500,000 per tael. Thus, the gap between global and local prices widened again.

The greenback was bought at VND20,800 per dollar for buying, and at VND20,820 per dollar for selling, down VND10 per dollar over last Friday, on free market this morning.

Meanwhile, Vietcombank bought US dollar at VND20,790 per dollar, and sold at VND20,850 per dollar, a decrease of VND20 per dollar over last Friday.

Internationally, gold recovered slightly due to demand in Asia.

Gold for immediate delivery gained as much as $2.2 an ounce over the closing price in New York last weekend to trade at $1,714.2 an ounce at 10.10am Vietnamese time.

The euro exchange rate against the US dollar was below $1.32 a euro in Tokyo this morning.

By Thuy Doan

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