Gold stalls below VND45 million

The price of gold in Vietnam dropped slightly to hover below VND45 million a tael (1.2 ounces) on November 29 whereas global price fluctuated ahead of an important meeting on soothing the European sovereign-debt crisis, after an increase of 1.8 percent in the trading session last night.

Sacombank Jewelry Company (SBJ) bought gold at VND44.75 million and sold at VND44.9 million at 9am Vietnamese time.

Saigon Jewelry Company (SJC), the biggest gold processing and trading company in Vietnam, collected gold at VND44.75 million and sold at VND44.9 million around 9:27am Vietnamese time.

Hanoi-based Phu Quy Jewelry Company purchased SJC-brand gold at VND44.75 million and sold at VND44.95 million at 9:17am Vietnamese time.

Bao Tin Minh Chau Jewelry Company quoted price at VND44.15 million for buying, and VND44.35 million for selling at 12:27pm Vietnamese time.

Domestic gold fetched VND1 million a tael, higher than global price.

On the black market, one dollar was bought at VND21,250, up VND10 per dollar, and sold at VND21,280, down VND10 per dollar over the previous day.

Internationally, gold rose as a weaker US dollar spurred demand for the precious metal as an alternative asset.

Gold for immediate delivery gained as much as $29.6 an ounce, or 1.8 percent, to close at $1,710.9 an ounce on the Comex in New York.

In Asia, gold was traded at $1,710.7 an ounce at 10:55am Vietnamese time.

Today, European financial officers will have a meeting to craft a detailed plan to increase size of the European Financial Stability Facility rescue fund to help prevent contagion in bond markets, and release a vital aid lifeline for Greece.

Meanwhile, Standard & Poor’s said that it might lower France’s credit rating to negative in the next 10 days. Fitch Ratings also warned of US downgrade in case of no budget deal in 2013.

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

By Thuy Doan

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