Gold almost unchanged as dollar stalls

The price of gold in Vietnam was stable at VND37.7 million a tael (1.2 ounces) on March 8 whereas global price hit a new record on the trading session in New York before falling because of profit-taking.

Most gold shops bought the metal at VND37.6 million and sold at nearly VND37.7 million as of 10 am local time.

Saigon Jewelry Company purchased gold at VND37.6 million and sold at VND37.68 million as of 9:15 am local time.

Meanwhile, Hanoi-based Phu Quy Jewelry bought SJC-brand gold at VND37.58 million and sold at VND37.68 million at the same time.

Domestically, gold fetched VND250,000 higher than global price.

Foreign currency exchange agencies in Hanoi continued calling halt to dollar trading after suddenly denying buying or selling dollars yesterday’s afternoon.

Globally, after touching a record high of US$1,445 an ounce, the precious metal declined as investors rushed into taking profits.

Gold for immediate delivery fell as much as $1.7 an ounce to close at $1,432.1 an ounce on the Comex in New York.

In Asia this morning, gold traded at nearly $1,433 an ounce as of 10:10 am Vietnamese time.

Moody’s Investors Service lowered Ireland’s debt rating for three levels, reminding that the European debt crisis is still lingering.

The euro exchange rate against the US dollar maintained at $1.4 a euro in Tokyo this morning on speculation that European Central Bank would raise benchmark interest rate before the US Federal Reserve.

Crude oil futures for April delivery surpassed $106 a barrel in the New York Mercantile Exchange, the highest level in two and a half years.

This morning, crude oil traded at $104.8 a barrel as of 10:30 am Vietnamese time.

By Hoang Nhan

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