The price of gold in Vietnam recovered by VND200,000 a tael (1.2 ounces) on December 7 as global prices inched up on optimism that European leaders would solve the debt crisis.
Sacombank Jewelry Company bought gold at VND44.73 million and sold at VND44.93 million as of 8:05am Vietnamese time.
Saigon Jewelry Company, the biggest gold processing and trading company in Vietnam, collected gold at VND44.73 million and sold at VND44.93 million around 7:52am Vietnamese time.
Hanoi-based Phu Quy Jewelry Company purchased SJC-brand gold at VND44.77 million and sold at VND44.98 million at 11:41am Vietnamese time.
Bao Tin Minh Chau Jewelry Company quoted price at VND43.85 million for buying, and VND44.08 million for selling at 12:48pm Vietnamese time.
Domestically, SJC-brand gold fetched VND800,000 a tael, higher than global price.
Trading on bullion market remained muted. Sacombank Jewelry Company said it traded around 800 taels of gold yesterday. Its daily trading volume was just around 1,000 taels recently.
On black market, one dollar was bought at VND21,100, and sold at VND21,150, an increase of VND50 per dollar over the previous day.
Internationally, gold rebounded as investors increased buying on optimism that European policymakers would find a way to end the region's two-year-old debt crisis at a key European Union summit this week.
Gold for immediate delivery surged as much as $6.2 an ounce, or 0.4 percent, to close at $1,730.4 an ounce on the Comex in New York. Earlier, the metal sank to $1,701 an ounce.
In Asia, the metal declined as investors became cautious after Standard & Poor’s fired a second warning shot at the euro zone in 24 hours, threatening to cut the credit rating of its financial rescue fund as European leaders raced to find a political solution to their sovereign debt crisis. Spot gold dipped $0.9 an ounce to trade at $1,729.5 an ounce at 10am Vietnamese time.
The euro exchange rate against the US dollar was above $1.34 a euro in Tokyo this morning.