The price of gold in Vietnam rallied by VND700,000 a tael (1.2 ounces) over the previous day on October 4 as global price continuously advanced on concern over Greece’s default.
Sacombank Jewelry Company bought gold at VND45.01 million and sold at VND45.29 million at 11:30 am local time.
Saigon Jewelry Company, the largest processor and gold trader in Vietnam, collected gold at VND44.8 million and sold at VND45.1 million in Ho Chi Minh City. In Hanoi, the company bought gold at VND44.8 million and sold at VND45.12 million.
Hanoi-based Phu Quy Jewelry Company purchased SJC-brand gold at VND44.9 million and sold at VND45.25 million at the same time.
Domestically, gold remained fetching around VND3.1 million a tael higher than global price.
On foreign currency market, the dollar exchange rate continued escalating this morning. Dollars were bought at VND21,340 and sold at VND21,410 on free market in Hanoi, an increase of VND60 per dollar in buying and selling prices over the previous day.
Internationally, gold climbed the second day on concern that Greece will default on its debt, spurring demand for the precious metal as a safe haven.
Gold for immediate delivery gained as much as $36.1 an ounce, or 2.2 percent, to close at $1,661.9 an ounce on the Comex in New York.
Gold futures for December delivery rose $35.4 an ounce to close at $1,657.7 an ounce.
In Asia, the metal continued rising in the trading session this morning. Spot gold was traded at $1,665 an ounce.
The heavy metal advanced despite a stronger US dollar against other major currencies. The euro exchange rate against the greenback was at $1.32 a euro in Tokyo this morning from $1.34 the previous day.
Crude oil futures fell by $0.9 a barrel over the closing price the previous day to trade at $76.7 a barrel at 10:30 am Vietnamese time, the lowest level in the past year.