Gold moves inversely with global price

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SaiGon GP English - 36 month(s) ago 3 readings

Gold moves inversely with global price

Price of gold in Vietnam moved inversely with global price, sliding slightly on February 12 although global price added small rise after Greek lawmakers approved austerity bill.

Sacombank Jewellery Company bought gold at VND44.5 million and sold at VND44.8 million as of 8.20 am Vietnamese time.

Saigon Jewellery Company, Vietnam’s biggest gold processor and trader, collected the metal at VND44.6 million and sold at VND44.8 million as of 8.08 am Vietnamese time.

Hanoi-based Phu Quy Jewellery Company purchased SJC-brand gold at VND44.74 million and sold at VND44.82 million as of 11.27 am Vietnamese time.

Meanwhile, Bao Tin Minh Chau Jewellery Company quoted price at VND43.8 million for buying, and VND44.05 million for selling at 11.58 am Vietnamese time.

Domestically, gold fetched around VND1.4 million a tael, higher than global price.

Dollars were bought at VND20,850 per dollar, and sold at VND20,880 per dollar, an increase of VND10 per dollar over last weekend on free market. Last week, the US currency lost VND130 per dollar.

Meanwhile, Vietcombank purchased the greenback at VND20,810 per dollar, and sold at VND20,880 per dollar. At Eximbank, dollars were quoted at VND20,830 for buying, and VND20,900 for selling, up VND10 per dollar over last weekend.

Internationally, gold rebounded from a two-week low after Greek policy makers passed the latest austerity package into law for the 130-billion-euro bailout package. The austerity bill met fierce resistance from Greeks and violence spread across the country. The parliament had to follow requirements of the European Union and the International Monetary Fund to avoid debt default this March.

Immediate-delivery gold regained $3.3 an ounce to trade at $1,726.4 an ounce at 10 am Vietnamese time.

Leaders in the eurozone will have a meeting this Wednesday to take a decision on supporting Greece.

The euro exchange rate against the US dollar was just above $1.32 a euro in Tokyo this morning.

Crude oil futures rose $0.95 a barrel to trade at $99.62 a barrel at 10.05 am Vietnamese time.

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