Gold stable at above VND45 million a tael

The price of gold in Vietnam retreated to VND45.2 million a tael (1.2 ounces) on December 5 as global prices stalled ahead of a key meeting between European financial ministers to find a solution for the region’s debt crisis.

Sacombank Jewelry Company bought gold at VND45.08 million and sold at VND45.23 million as of 9:10am Vietnamese time.

Saigon Jewelry Company, the biggest gold processing and trading company in Vietnam, collected gold at VND45.08 million and sold at VND45.23 million around 8:50am Vietnamese time.

Hanoi-based Phu Quy Jewelry Company purchased SJC-brand gold at VND45.07 million and sold at VND45.27 million at 9:51am Vietnamese time.

Bao Tin Minh Chau Jewelry Company quoted the price at VND44.3 million for buying, and VND44.5 million for selling at 12:17pm Vietnamese time.

Domestically, SJC-brand gold fetched VND650,000 a tael, higher than global price.

After sharply declining last weekend, dollar exchange rate stalled in the free market this morning. One dollar was bought at VND21,100, and sold at VND21,150. Black-market dollars lost VND230 per dollar in the past two weeks, whereas bank dollars stood still.

In Asia, spot gold rose $3.3 an ounce over closing price in New York last weekend to trade at $1,749.6 an ounce at 9:25am Vietnamese time.

Last week, the heavy metal climbed nearly 3.8 percent, the steepest gain in more than one month. Gold rose on speculation that European leaders would draw a plan to stop the region’s sovereign-debt crisis at European Union summit meeting on Friday this week.

Prime Minister Mario Monti has just presented a 30 billion euro package for austerity measures to parliament designed to shore up Italy's strained public finances and help to stem a debt crisis threatening to overwhelm the euro zone.

The euro exchange rate against the US dollar was at $1.34 a euro in Tokyo this morning.

By Thuy Doan

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