Gold remains below VND44 million

Global gold price stalled at US$1,600 an ounce, nailing the price of gold in Vietnam at VND43.75 million a tael (1.2 ounces) on December 20.

Sacombank Jewelry Company bought gold at VND43.25 million and sold at VND43.65 million as of 10:55am Vietnamese time.

Saigon Jewelry Company, the biggest gold processing and trading company in Vietnam, collected gold at VND43.25 million and sold at VND43.65 million as of 10:50am Vietnamese time.

Hanoi-based Phu Quy Jewelry Company purchased SJC-brand gold at VND43.5 million and sold at VND43.75 million at 11:08am Vietnamese time.

Meanwhile, Bao Tin Minh Chau Jewelry Company quoted the price at VND42.5 million for buying, and VND42.7 million for selling at 11:34am Vietnamese time.

Domestically, SJC-brand gold fetched around VND2.5 million a tael, higher than global price.

On the black market, one dollar was bought at VND21,340, and sold at VND21,380, an increase of VND10 per dollar in buying price over the previous day.

Internationally, gold struggled to stay at $1,600 an ounce as investors were still wary about the European sovereign-debt crisis. In addition, a stronger US dollar also curbed demand for the precious metal as an alternative asset.

Yesterday, financial chiefs of nations in the euro zone agreed to boost   International Monetary Fund resources by 150 billion euros to ward off the debt turmoil from spreading. But it was unclear if the bloc can reach its 200 billion euro target after UK dropped out.

The European Central Bank’s President Mario Draghi warned of a possible break-up of the euro zone, one of the most taboo topics in any statement of an ECB leader.

Gold fell as much as $5.3 an ounce to close at $1,594.9 an ounce on the Comex in New York.

In Asia, spot gold rose by $3.6 an ounce to trade at $1,598.5 at 10:20am Vietnamese time.

The euro exchange rate against the US dollar was at $1.3 a euro, almost unchanged as of the previous day.

By Thuy Doan

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