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Gold, dollar slide
Price of gold in Vietnam fell by VND200,000 a tael (1.2 ounces) over the previous day on December 22 as global price failed to maintain rising trend.
Sacombank Jewelry Company bought gold at VND42.95 million and sold at VND43.35 million as of 8:15am Vietnamese time.
Saigon Jewelry Company, the biggest gold processing and trading company in Vietnam, collected gold at VND42.95 million and sold at VND43.35 million as of 8:03am Vietnamese time.
Hanoi-based Phu Quy Jewelry Company purchased SJC-brand gold at VND43.17 million and sold at VND43.45 million at 2:02pm Vietnamese time.
Meanwhile, Bao Tin Minh Chau Jewelry Company quoted the price at VND42.25 million for buying, and VND42.55 million for selling at 2:06pm Vietnamese time.
Domestically, SJC-brand gold fetched around VND2.1 million a tael, higher than global price.
According to some gold traders, a wide gap between local and global price, which rose up to VND3 million a tael last week, might boost gold smuggle through the border.
On black market, dollar exchange rate continued heading south. One dollar was bought at VND21,220, and sold at VND21,250, down VND10 per dollar in buying price, and VND20 per dollar in selling price over the previous day.
Internationally, gold declined after the European Central Bank allocated nearly 490 billion euros in three years to commercial banks in the euro zone, easing immediate fears of a credit crunch. However, investors doubted if such measures could help to solve the debt crisis, leaving equities and the euro under pressure and pushing up Italian and Spanish bond yields.
Gold slid as much as $0.2 an ounce to close at $1,616 an ounce on the Comex in New York.
In Asia, spot gold lost $4.5 an ounce to trade at $1,611.5 at 10:30am Vietnamese time.
The euro exchange rate against the US dollar was at $1.3 a euro in Tokyo this morning, from 1.32 a euro the previous day.
Thuy Doan
sggp
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