Gold posts modest rise

Price of gold in Vietnam inched up marginally over last weekend on February 27, thanks to weak rising momentum in global price.

Sacombank Jewellery Company bought gold at VND45.02 million and sold at VND45.17 million as of 10.35 am Vietnamese time.

Saigon Jewellery Company, Vietnam’s biggest gold processor and trader, collected the metal at VND45.02 million and sold at VND45.17 million as of 10.27 am Vietnamese time.

Hanoi-based Phu Quy Jewellery Company purchased SJC-brand gold at VND45.07 million and sold at VND45.17 million as of 10.32 am Vietnamese time.

Bao Tin Minh Chau Jewellery Company quoted price at VND44.05 million for buying, and VND44.3 million for selling at 11.20 am Vietnamese time.

Domestically, gold fetched around VND560,000 a tael, higher than global price. The gap between local and global prices narrowed since last week as domestic gold price failed to catch up with a sharp rising pace in global price.

Last week, the metal climbed around VND500,000 a tael as global price set the biggest week in more than a month. However, trading on bullion market remained subdued.

Dollars were bought at VND20,810 per dollar, and sold at VND20,830 per dollar on free market this morning.

Meanwhile, commercial banks raised the dollar exchange rate slightly. Vietcombank bought dollar at VND20,820 per dollar, and sold at VND20,880 per dollar, up VND10 per dollar over last Friday.

Internationally, gold posted modest loss, weighed by lingering concerns about the eurozone, though high oil prices cushioned the drop.

Gold for immediate delivery stood at $1,774.94 an ounce, down 0.3 per cent, at 10.40 am Vietnamese time.

The euro exchange rate against the US dollar was at nearly $1.35 a euro in Tokyo this morning.

Crude oil futures for April delivery slid $0.25 a barrel to trade at $109.52 a barrel on the New York Mercantile Exchange at 10 am Vietnamese time. Crude oil hovered near the highest level in the past 10 months due to heightened worries about over Iran’s disputed nuclear programme.

Source SGGP