Gold rises again marginally

Price of gold in Vietnam rose by VND250,000 a tael (1.2 ounces) on March 9 as global price managed to maintain recovery momentum to third trading session.

Sacombank Jewellery Company bought gold at VND44.52 million and sold at VND44.72 million as of 11.15am Vietnamese time.

Saigon Jewellery Company, Vietnam’s biggest gold processor and trader, collected the metal at VND44.52 million and sold at VND44.72 million as of 11.08am Vietnamese time.

Hanoi-based Phu Quy Jewellery Company purchased SJC-brand gold at VND44.63 million and sold at VND44.73 million as of 10.52am Vietnamese time.

Bao Tin Minh Chau Jewellery Company quoted price at VND43.35 million for buying, and at VND43.65 million for selling at 11.15am Vietnamese time.

Domestically, gold fetched around VND1.9 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, unchanged as of the previous day. Black market dollar had been hovering around VND20,800 per dollar for the past three weeks.

Meanwhile, Vietcombank bought dollars at VND20,810 per dollar, and sold at VND20,870 per dollar this morning.

Internationally, gold advanced after Greece successfully closed a bond swap offer aimed at reducing its colossal debt pile and averted a default, lifting sentiment across financial markets.

European Central Bank yesterday kept its benchmark interest rates at a record low of 1 per cent for three consecutive months as expected, but delivered a surprise warning on inflation and called on banks and governments to build on its recent blitz of radical support measures to foster a full crisis recovery.

Gold for immediate delivery rose as much as $15.2 an ounce, or 0.9 per cent, to close at $1,700.5 an ounce on the Comex in New York.

In Asia, spot gold was traded at $1,705.5 an ounce, up $5 an ounce, at 10am Vietnamese time.

The euro exchange rate against the US dollar was near $1.33 a euro in Tokyo this morning.

By Thuy Doan

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