Gold down at year end

December 28, 2011 | 17:15

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Price of gold in Vietnam fell by VND200,000 a tael (1.2 ounces) over the previous day as gold in the globe breached the pivotal $1,600 mark once again and fell to a low of $1,590 despite a slightly weaker US dollar and despite a hefty advance in copper and a mild rise in crude oil value.

Saigon Jewelry Company, the biggest gold processing and trading company in Vietnam, collected gold at VND42.58 million and sold at VND42.98 million as of 12:05 am Vietnamese time.

Sacombank Jewelry Company bought gold at VND42.28 million and sold at VND43.20 million as of 8:15 am Vietnamese time.

Hanoi-based Phu Quy Jewelry Company purchased SJC-brand gold at VND42.85 million and sold at VND43.05 million at 8:15 am Vietnamese time.

Meanwhile, Bao Tin Minh Chau Jewelry Company quoted the price at VND42.80 million for buying, and VND43.05 million for selling at 8:15 Vietnamese time.

Jewelers said trading on bullion market was subdued recently. Buying remained the main tendency on the market, however, trading volume dropped strongly over previous weeks.

Cao Thi Ngoc Dung, General Director of Phu Nhuan Jewelry Joint Stock Company, said in first 11 months of the year, the company has yielded VND16.649 billion, up by 33.1 per cent against the same period last year, adding that this year jewelry companies’ faced difficulties as price of gold fluctuated.

Internationally, the wild card ahead for the U.S. dollar remains the Eurozone. If Europe were to stabilize and the picture clears, then the dollar will resume its course, which is down, said an expert.

At Asian market, gold for immediate delivery was traded at $1,588 an ounce, down nearly $8 compared to yesterday.

Gold for February delivery settled down $10.50 at $1,595.50 an ounce at the Comex division of the New York Mercantile Exchange. The gold price traded as high as $1,609.20 and as low as $1,609.20 an ounce while the spot price was down $13.40, according to Kitco's gold index.

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