Gold hikes in Vietnam as global price rises

February 02, 2012 | 16:21

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Gold hiked to VND100,000 on Thursday, jumping to VND45.4 million a tael (1.2 ounces), as global price rose.

Saigon Jewellery Company, the biggest gold processor and trader in Vietnam, collected the metal at VND45.1 million and sold at VND45.4 million as of 10 am Vietnamese time.

Sacombank Jewellery Company bought gold at VND45.1 million and sold at VND45.4 million as of 10:05 am Vietnamese time.

Hanoi-based Phu Quy Jewellery Company purchased SJC-brand gold at VND45.25 million and sold at VND45.35 million as of 11:50 am Vietnamese time.

Meanwhile, Bao Tin Minh Chau Jewellery Company quoted price at VND45.25 million for buying, and VND45.35 million for selling at 11:00 pm Vietnamese time.

Gold advanced to highest level in eight weeks, gaining alongside equities and other commodities, as global manufacturing improved, weakening the dollar and boosting demand for alternative investment.

Spot gold rallied as much as 0.5 per cent to $1,751.97 an ounce and traded at $1,750.15 at 9:32 am in Singapore. Commodities advanced, fueled by favourable purchasing managers’ data in China, Europe and the US.

Manufacturing grew from the US to India and China, fueling optimism that global recovery is weathering the debt crisis in Europe and driving a rebound in stocks and commodities including copper and oil. India and China are the world’s largest bullion consumers.

Bullion for April delivery gained 0.2 per cent to $1,753 an ounce on the Comex in New York. Spot gold so called 14 day relative-strength index was at 72.15 today.

SGGP

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