Golden opportunities

Sacombank Jewerlry Company (SJC) was buying gold at VND35.67 million a tael and selling for VND35.75 million per tael in Hanoi. Meanwhile, Hanoi-based Phu Quy Jewelry purchase SJC-brand gold at VND35.70 million per tael and sold at VND35.80 million per tael.

The dollar was being bought at VND21,060 and sold at VND21,100 this morning, reducing from VND10-20 against yesterday. The USD/VND exchange rate also traded stably around VND19,470 to VND19,500 at Eximbank and VND19,495 to VND19,500 at Vietcombank.

Internationally, gold prices jumped to $1,375 an ounce over concerns that Euro’s sovereign-debt crisis may worsen demand for the metal as an alternative asset. Silver and platinum increased. Bullion for intermediate delivery was at $1,374.85 an ounce at 10am in Seoul. The February-delivery contract climbed 0.2 per cent to $1,376.10 an ounce on the Comex in New York.

The cost of insuring European sovereign debt increased to record highs yesterday before Portugal’s bond sale on January 12 and Spain’s the following day. Gold gained 30 per cent last year as bailouts of Greece and Ireland sent the euro tumbling down 6.5 per cent against the dollar.

SPDR Gold Trust, the largest exchange traded-fund backed by bullion, purchased 1.51 tonnes  of gold last night, increasing its holdings to nearly 1,272.68 metric tonnes, the company’s website showed.

Silver for immediate delivery rose 0.2 per cent to $29.1587 an ounce after climbing 1.5 per cent yesterday, the biggest gain since December 31. The price had tumbled 7.3 per cent last week.

Platinum for immediate delivery increased 0.3 per cent to $1,746.13 an ounce, and cash palladium gained 0.2 per cent to $754.25 an ounce. Palladium lost 6.3 per cent last week, and platinum slid 2.1 per cent.