Bullion remains steady

Price of gold in Vietnam remained stable at VND44.09 million a tael (1.2 ounces) on April 2.

Price of gold in Vietnam remained stable at VND44.09 million a tael (1.2 ounces) on April 2 (Photo: Anh Quan)

Hanoi-based Phu Quy Jewellery Company purchased SJC-brand gold at VND43.99 million and sold at VND44.09 million at noon. 
 
Bao Tin Minh Chau Jewellery Company quoted price of SJC at VND43.99 million for buying, and VND44.09 million for selling; Thang Long and AAA gold was bought at VND42.30 million and sold at VND42.70 million as of 11.40am Vietnamese time.  

According to Nguyen Cong Tuong, deputy chief of Marketing in Saigon Jewellery Company, very few customers purchased or sold bullion of late because domestic gold prices were VND2million-3million higher than global price and investors’ waited for new policies on deposit gold in banks.

Internationally, gold prices edged higher on April 2 on the first trading day of the quarter, benefiting from a weaker dollar after China manufacturing data eased fears of a hard landing and U.S. consumer data added to the hope of a solid recovery.

Spot gold edged up 0.3 percent to $1,672.59 an ounce after staging a 6.6-percent rise in the first quarter.
 
U.S. gold inched up 0.2 percent to $1,674.40. Over the weekend, China said its big factories were surprisingly busy in March as a stream of new orders lifted activity to 11-month high, but credit-constrained smaller manufacturers, suggesting that the economy is still losing steam.

By Uyen Phuong

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