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Gold recovers slightly after deep plunge
Price of gold in Vietnam recovered by VND100,000 a tael (1.2 ounces) over the previous day on December 16 as global price curbed losing momentum.
Sacombank Jewelry Company bought gold at VND43.1 million and sold at VND43.5 million as of 8:40am Vietnamese time.
Saigon Jewelry Company, the biggest gold processing and trading company in Vietnam, collected gold at VND43.15 million and sold at VND43.55 million as of 10:15am Vietnamese time.
Hanoi-based Phu Quy Jewelry Company purchased SJC-brand gold at VND43.55 million and sold at VND43.77 million at 11:54am Vietnamese time.
Meanwhile, Bao Tin Minh Chau Jewelry Company quoted price at VND42.5 million for buying, and VND42.75 million for selling at 12:42pm Vietnamese time.
Domestically, SJC-brand gold fetched VND2.8 million a tael, higher than global price.
On the black market, the US dollar dropped slightly over last evening. One dollar was bought at VND21,320, and sold at VND21,360, a decrease of VND20 per dollar over the previous day.
Internationally, gold slid at the trading session in New York last night after Fitch Ratings cut credit ratings of several of the largest banks in the world, including Bank of America, Morgan Stanley, Goldman Sachs, Barclays, Societe Generale and BNP Paribas.
Gold for immediate delivery dropped as much as $5.9 an ounce, or 0.4 per cent, to close at $1,571.6 an ounce on the Comex in New York. Gold declined for four consecutive trading sessions, losing around 8 per cent.
Holdings at SPDR Gold Trust, the world’s largest exchange traded fund backed by bullion, reduced by 1.1 per cent yesterday to nearly 1,280 metric tons from 1,294.8 metric tons.
In Asia, the precious metal rebounded as a smooth Spanish bond auction and upbeat US job data supported investor sentiment. Spot gold was traded at $1,582.1 an ounce, up $10.5 an ounce at 9:15am Vietnamese time.
The US Labor Department said that jobless claims fell to the lowest level in three and a half years last week. Meanwhile, Spain saw solid demand for its bonds, paying more than 2 percentage points less than Italy a day earlier as budget cuts helped ease concerns it could be among the next to fall in the euro zone's debt crisis.
The euro exchange rate against the US dollar rose to above $1.3 a euro in Tokyo this morning.
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