Gold rises on Libyan war

The price of gold in Vietnam jumped by VND130,000=140,000 a tael (1.2 ounces) over last weekend on March 21 as global price climbed due to war in Libya.

Sacombank Jewelry Company bought the metal at VND37.16 million and sold at VND37.29 million as of 8:15 am local time.

Saigon Jewelry Company, the biggest gold shop in Vietnam, purchased gold at VND37.15 million and sold at VND37.20 million at the same time.

Meanwhile, Hanoi-based Phu Quy Jewelry bought SJC-brand gold at VND37.2 million and sold at VND37.34 million as of 9 am local time.

Trading on bullion market improved owing to information that people are allowed to trade and own gold bars.

Internationally, gold escalated as investors sought for metal as a safe-haven investment channel in wartime.

In Asia, gold for immediate delivery gained as much as US$8 an ounce, or 0.6 percent, to $1,427.5 an ounce this morning.

The metal was traded at $1,428.2 an ounce at 9:10 am Vietnamese time.

Holdings at SPDR Gold Trust increased by 9 metric tons to 1,226.395 metric tons, the highest level since February 9.

Domestically, the US dollar exchange rate rose by VND10 per dollar over last weekend at commercial banks.

State-owned Vietcombank bought the greenback at VND20,875, and sold at VND20,880.

Tags: vietnam gold, Vietnam gold market, Vietnam gold prices