Price of gold in Vietnam soars

Saigon Jewelry Company, Vietnam’s biggest gold processer and trader, bought the metal at VND43.52 million and sold at VND43.65 million as of 11am Vietnamese time.

Phu Nhuan Jewelry Company purchased gold at VND43.52 million and sold at VND43.62 million as of 11.15am Vietnamese time.

Hanoi-based Bao Tin Minh Chau Jewelry Company quoted price at VND41.9 million for buying, and at VND42.2 million for selling at 11.20am Vietnamese time.

Domestically, gold fetched VND2.2 million a tael higher than global price.

Gold traders explained that a shortage in gold supply has caused the metal to climb strongly in the past two days.

On free market, the US dollar was bought at VND20,910 per dollar, and sold at VND20,950 per dollar, up VND60 per dollar in buying price and VND80 per dollar in selling price over the previous day.

Meanwhile, Vietcombank quoted the rate at VND20,820 per dollar for buying, and at VND20,855 per dollar for selling, down VND10 per dollar in buying price, and VND5 per dollar in selling price from the previous day.

Eximbank purchased dollars at VND20,800 per dollar, and sold at VND20,860 per dollar, a decrease of VND10 per dollar from a day earlier.

Internationally, gold extended rising trend to five straight trading sessions to a 14-week high on hopes that the European Central Bank would take action soon to contain the region’s sovereign-debt crisis.

The ECB was said to have been mapping out details to cap Spanish and Italian borrowing costs, easing investors’ concern.

In Asia, gold for immediate delivery rallied $0.6 an ounce to trade at $1,640.3 an ounce at 9.25am Vietnamese time.

Last night, spot gold rose as much as $17.4 an ounce, or 1.1 per cent, to close at $1,639.6 an ounce.

Euro exchange rate against the US dollar was at nearly $1.25 a Euro in Tokyo this morning.

Crude oil futures for September delivery declined by $0.11 a barrel at $96.73 a barrel at 9.30am Vietnamese time.