Gold reverses previous gain

Price of gold in Vietnam erased previous gain on February 16 as global price edged down at the trading session in Asia this morning after rising at the trading session in New York last night.
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Sacombank Jewellery Company bought gold at VND44.45 million and sold at VND44.75 million as of 8.45 am Vietnamese time.

Saigon Jewellery Company, Vietnam’s biggest gold processor and trader, collected the metal at VND44.45 million and sold at VND44.75 million as of 8.33 am Vietnamese time.

Hanoi-based Phu Quy Jewellery Company purchased SJC-brand gold at VND44.61 million and sold at VND44.7 million as of 10.40 am Vietnamese time.

Meanwhile, Bao Tin Minh Chau Jewellery Company quoted price at VND43.68 million for buying, and VND43.93 million for selling at 11.07 am Vietnamese time.

Domestically, gold fetched around VND1.5 million a tael, higher than global price.

The metal has been pinned in a tight range from VND44.7 to 44.9 million a tael for a week.

Dollars were bought at VND20,820 per dollar, and sold at VND20,840 per dollar, up VND10 per dollar in buying price over the previous day on free market.

Meanwhile, Vietcombank purchased the greenback at VND20,800 per dollar, and sold at VND20,860 per dollar, a drop by VND10 per dollar over the previous day. The interbank exchange rate stayed at VND20,828 per dollar for more than six consecutive weeks.

Internationally, gold recovered slightly at the trading session in New York after news that China promised to bail out Europe from the debt crisis, bolstering demand for the precious metal as a hedge against inflation.

Gold for immediate delivery gained as much as $7 an ounce to close at $1,729.1 an ounce.

Gold futures for April settlement rose $10.4 an ounce, or 0.6 per cent, to finish at $1,728.1 an ounce on the Comex in New York.

In Asia, spot gold was traded at $1,723.1 an ounce, down $6 an ounce over the closing price in New York last night, at 10 am Vietnamese time.

Some European officials said that international donors had considered whether it was possible to delay part or all of the rescue deal while still avoiding a default. Meanwhile, Greece is struggling to reach an agreement with its sponsors by next Monday.

Moody’s Investors Service yesterday announced that it might downgrade several financial institutions of 16 countries in the eurozone. The euro exchange rate against the US dollar fell to the lowest level in a week, hanging just above $1.3 a euro in Tokyo this morning.

Source SGGP