Gold and dollar decline

The price of gold in Vietnam fell by VND100,000 a tael (1.2 ounces) on March 9 although global price just slightly retreated.

Sacombank Jewelry Company bought the metal at VND37.53 million and sold at VND37.61 million as of 10 am local time.

Meanwhile, Hanoi-based Phu Quy Jewelry bought SJC-brand gold at VND37.52 million and sold at VND37.62 million at the same time.

At other gold shops, the metal was bought at VND37.5 million and sold at VND37.6 million.

Bullion market remained gloomy as the US dollar trading on black market in Hanoi had not resumed. Whereas, in Ho Chi Minh City, dollars were bought at VND21,520 and sold at VND21,620, a decrease of VND40-60 per dollar over the previous day.

Globally, gold declined after making record the previous day as high prices tempted investors to sell the metal to book profits.

Immediate-delivery gold lost $2.2 an ounce to close at $1,429.9 an ounce on the Comex in New York.

In Asia this morning, gold traded at $1,427 an ounce as of 9:36 am Vietnamese time, losing $1.6 an ounce over the closing price in New York.

SPDR Gold Trust bought 6.7 metric tons, increasing its holdings to 1,217.3 metric tons, the company’s website showed.

Gold gained 10 percent while crude oil rose 17 percent in the past six weeks on concerns over the political crisis in Middle East and North Africa.

Crude oil futures for April delivery slipped $0.42 a barrel to close at $105.02 a barrel in the New York Mercantile Exchange.

In London, Brent crude oil sank $1.98 a barrel to $113.06 a barrel.

This morning, crude oil traded at $104.5 a barrel as of 10:30 am Vietnamese time.

By Phong Linh

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