Local gold narrows gap with global price

Price of gold in Vietnam was pinned at VND43.5 million a tael (1.2 ounces) on December 21 although global price jumped over $1,600 an ounce.

Sacombank Jewelry Company bought gold at VND43.1 million and sold at VND43.5 million as of 10:55am Vietnamese time.

Saigon Jewelry Company, the biggest gold processing and trading company in Vietnam, collected gold at VND43.05 million and sold at VND43.45 million as of 11:08am Vietnamese time.

Hanoi-based Phu Quy Jewelry Company purchased SJC-brand gold at VND43.25 million and sold at VND43.55 million at 11:18am Vietnamese time.

Meanwhile, Bao Tin Minh Chau Jewelry Company quoted the price at VND42.4 million for buying, and VND42.7 million for selling at 1:12pm Vietnamese time.

Domestically, SJC-brand gold fetched around VND1.8 million a tael, higher than global price.

Trading volume tended to decline since the beginning of this week. In the first two days of this week, SJC sold around 4,000-5,000 taels of gold per day, and bought around 400-500 taels.

On black market, dollars slumped rapidly. One dollar was bought at VND21,230, and sold at VND21,270, down VND100 per dollar over the previous day.

Internationally, gold rebounded as upbeat economic data from the US and Europe boosted market sentiment and a weaker US dollar lent support.

Gold rose as much as $21.3 an ounce, or 1.3 percent, to close at $1,616.2 an ounce on the Comex in New York.

Statistics showed that housing starts in the US advanced to the highest level since April 2010. Bullion also gained after German business confidence unexpectedly rose for a second month in December.

In Asia, spot gold gained $10.3 an ounce to trade at $1,627.2 at 10:50am Vietnamese time.

The euro exchange rate against the US dollar was at just above $1.31 a euro in Tokyo this morning, from above 1.3 a euro the previous day as strong demand for Spanish debt buoyed the shared currency.

By Thuy Doan

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