As good as gold

January 10, 2011 | 21:30

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The price of gold in Vietnam recovered slightly today after the biggest drops since November 19 last year. Gold was being purchased at VND35.62 million per tael and being sold at VND35.69 million per tael at most gold shops at 10am local time.

Sacombank Jewelry Company (SJC) was buying gold at VND35.62 million/ tael and sold for VND35.71 million/ per tael in Hanoi. At the same time Hanoi-based Phu Quy Jewelry purchase SJC-brand gold at VND35.67 million/ per tael and sold at VND 35.77 million/ per tael.

Dollars were being bought at VND21,120 and sold at VND 21,150 , up VND100 against last week on the black market this morning.

Accordingly, gold prices in Vietnam were VND800,000 to VND900,000 a tael over global gold prices.

Last week, domestic gold prices dropped to VND35.4 million per tael after global gold prices declined 3.6 per cent, the most since May 21, 2010, after speculation that the US economy’s recovery will limit demand for the precious metal.

Internationally, gold prices bounced back to $1,375.1 an ounce at 10am local time as concerns that Europe’s sovereign–debt crisis may worsen demand for a haven.

Bullion for intermediate delivery rose 0.3 per cent to $1,373.45 an ounce before trading at $1,371.52 an ounce on the Comex in New York. In Asia, gold hit $1,379 an ounce this morning.

SPDR Gold Trust, the largest exchange traded-fund backed by bullion, sold gold continuously in the last few days, reducing its holdings to nearly 1,271 metric tonnes, the lowest in the last six months.

By Hoang Tran

vir.com.vn

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