Price of gold in Vietnam steadied at VND44.8 million per tael (1.2 ounces) on March 2 as global price recovered after sell off.
Sacombank Jewellery Company bought gold at VND44.65 million and sold at VND44.8 million as of 8.10 am Vietnamese time.
Saigon Jewellery Company, Vietnam’s biggest gold processor and trader, collected the metal at VND44.65 million and sold at VND44.8 million as of 8.08 am Vietnamese time.
Hanoi-based Phu Quy Jewellery Company purchased SJC-brand gold at VND44.67 million and sold at VND44.8 million as of 10.05 am Vietnamese time.
Bao Tin Minh Chau Jewellery Company quoted price at VND43.6 million for buying, and at VND43.9 million for selling at 10.45 am Vietnamese time.
Domestically, gold fetched around VND1.6 million a tael, higher than global price.
Investors remained calm in the face of a decline in gold price, showing a low trading volume at big jewellers. Saigon Jewellery Company said that it bought around 700 taels of gold and sold 800 taels yesterday.
The greenback was bought at VND20,810 per dollar for buying, and at VND20,830 per dollar for selling, up VND10 per dollar over the previous day, on free market this morning.
Meanwhile, Vietcombank bought dollar at VND20,810 per dollar, and sold at VND20,870 per dollar, an increase of VND10 per dollar over the previous day.
Internationally, gold recovered as the biggest loss in more than three years, drawing investors to return to the market.
Gold for immediate delivery gained as much as $21 an ounce, or 1.2 per cent, to close at $1,718.7 an ounce on the Comex in New York.
Gold futures for April delivery rose $10.9 an ounce, or 0.6 per cent, to close at $1,722.2 an ounce.
In Asia, spot gold added up $4.4 an ounce to trade at $1,723.1 an ounce at 9.10 am Vietnamese time.
The euro exchange rate against the US dollar was at $1.33 a euro in Tokyo this morning.