Gold hovers around VND43.3 million a tael

Sacombank Jewelry Company bought gold at VND42.95 million and sold at VND43.25 million as of 10am Vietnamese time.

Saigon Jewelry Company, the biggest gold processor and trader in Vietnam, collected gold at VND43 million and sold at VND43.3 million as of 7:53am Vietnamese time.

Hanoi-based Phu Quy Jewelry Company purchased SJC-brand gold at VND43.1 million and sold at VND43.35 million as of 12:36pm Vietnamese time.

Meanwhile, Bao Tin Minh Chau Jewelry Company quoted price at VND42.05 million for buying, and VND42.35 million for selling at 12:45pm Vietnamese time.

Domestically, gold fetched VND2 million, higher than global price.

Nguyen Cong Tuong, deputy manager of Sales in Saigon Jewelry Company, said buying momentum dropped drastically over year end, whereas selling demand increased, balancing supply and demand. Yesterday, the company bought more than 1,000 taels of gold and sold the same amount.

On free market, the dollar exchange rate dropped sharply this morning. In Hanoi, dollars were bought at VND21,180 per dollar, and sold at VND21,210 per dollar, a decrease of VND40 per dollar over last Saturday.

Internationally, gold declined as a stronger US dollar sapped demand for the precious metal as an alternative investment channel.

Gold for immediate delivery fell as much as $5.6 an ounce to close at $1,612 an ounce on the Comex in New York.

At a meeting yesterday, French and German leaders warned Greece that the country would not receive a bailout package if it disagrees with creditors on bond swop. They also urged the eurozone to reach an agreement to prevent possible bankruptcy in Greece.

In Asia, gold for immediate delivery rose $4.3 an ounce to trade at $1,617 an ounce at 9:45 am Vietnamese time.

The euro exchange rate against the US dollar rose to nearly $1.28 a euro in Tokyo this morning.

Holdings at SPDR Gold Trust, the largest exchange traded fund backed by bullion, stayed at 1,254.6 metric tons for ten straight trading sessions.