Gold recovers marginally

Price of gold in Vietnam recovered marginally to around VND44.5 million a tael (1.2 ounces) on March 8 as global price edged up slightly.

Sacombank Jewellery Company bought gold at VND44.28 million and sold at VND44.48 million as of 9.20am Vietnamese time.

Saigon Jewellery Company, Vietnam’s biggest gold processor and trader, collected the metal at VND44.23 million and sold at VND44.43 million as of 11.07am Vietnamese time.

Hanoi-based Phu Quy Jewellery Company purchased SJC-brand gold at VND44.36 million and sold at VND44.46 million as of 9.54am Vietnamese time.

Bao Tin Minh Chau Jewellery Company quoted price at VND43.05 million for buying, and at VND43.35 million for selling at 11.15am Vietnamese time.

Domestically, gold fetched around VND2.13 million a tael, higher than global price.

The greenback was bought at VND20,810 per dollar, and sold at VND20,820 per dollar on free market this morning, up VND10 per dollar over the previous day. A currency exchange agency said it lowered trading gap to boost trading amid a subdued market.

The dollar exchange rate was stable at above VND20,800 at most commercial banks. However, at Vietcombank, the rate suddenly changed significantly before dropping again. Dollars were bought at VND20,830, and sold at VND20,930, up VND30 per dollar in buying price, and VND70 per dollar in selling price over the previous day, at the beginning of the day. Vietcombank adjusted the rate to VND20,810 for buying, and VND20,870 for selling, by 11am Vietnamese time.

Internationally, gold recuperated from a sharp fall earlier this week as fears about a messy default by Greece eased, on hopes that Greece would secure an international bailout after a pledge by major banks and pension funds to take part in the bond swap deal.

Gold for immediate delivery rose as much as $9.7 an ounce, or 0.6 per cent, to close at $1,685.3 an ounce on the Comex in New York.

In Asia, the metal fluctuated slightly this morning. Spot gold was traded at $1,687.2 an ounce, up $1.9 an ounce, at 11am Vietnamese time.

The euro exchange rate against the US dollar remained above $1.31 a euro in Tokyo this morning.

By Thuy Doan

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