Gold approaches VND45 million

Price of gold in Vietnam climbed by VND150,000 a tael (1.2 ounces) over the previous day on March 10 as global price surpassed US$1,700 an ounce on sudden demand.

Sacombank Jewellery Company bought gold at VND44.2 million and sold at VND44.8 million as of 8am Vietnamese time.

Saigon Jewellery Company, Vietnam’s biggest gold processer and trader, collected the metal at VND44.65 million and sold at VND44.8 million as of 9.33am Vietnamese time.

Hanoi-based Phu Quy Jewellery Company purchased SJC-brand gold at VND44.75 million and sold at VND44.85 million as of 10.31am Vietnamese time.

Bao Tin Minh Chau Jewellery Company quoted price at VND43.5 million for buying, and VND43.8 million for selling at 11.45am Vietnamese time.

Domestically, gold fetched around VND1.5 million a tael, higher than global price.

Internationally, gold rose nearly 1 percent in heavy trading on Friday, reclaiming early sharp losses, lifted by higher crude oil and US stock markets, following an encouraging US job report.

Initially, the heavy metal fell 1 per cent on news that US employers added more than 200,000 workers to their payroll for a third straight month in February and unemployment rate pinned at 8.3 per cent, the lowest level since February 2009, a sign of economic recovery.

The US Dollar Index, a gauge of six major currencies against the US dollar’s strength, rose 0.98 per cent yesterday. Despite a strengthened US dollar, the yellow metal made a U-turn after investors increased buying of gold.

Gold for immediate delivery rose as much as $14 an ounce, or 0.82 per cent, to close at $1,713.5 an ounce on the Kitco trading floor.

Gold futures for April delivery gained $12.8 an ounce, or 0.7 per cent, to close at $1,711.5 an ounce on the Comex in New York.

The euro exchange rate against the US dollar was above $1.31 a euro this morning.

By Thuy Doan

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