Gold climbs after retreat

Price of gold in Vietnam rose to VND44.1 million a tael (1.2 ounces) on March 31.

Hanoi-based Phu Quy Jewellery Company purchased SJC-brand gold at VND42.10 million and sold at VND42.60 million at noon.

Price of gold in Vietnam rise on March 31 as there is slight increase in global price at the trading session in New York last night (Photo: U>P)

Bao Tin Minh Chau Jewellery Company quoted price of SJC at VND44.00 million for buying, and VND44.10 million for selling. AAA gold was bought at VND42.30 million and sold at VND42.70 million as of 11.40am Vietnamese time.  

Domestically, gold fetched around VND2 million a tael, higher than global price.

Internationally, gold prices ended month of March down by 2.46 percent, but ended quarter up by 6.38 percent. The most-active June gold contract on the Comex division of the New York Mercantile Exchange settled at $1,671.90 an ounce, up 0.42 percent on the week. May silver settled at $32.48 an ounce, up 0.66 percent on the week.

Gold performance has been lacklustre of late. Physical demand is down in Asia, in part because of a strike by Indian jewellers against a higher import tax on the metal, which has weighed on prices. Also, investors in exchange-traded funds are less enamored of the metal as of now.

Gold is being torn in two directions, according to a precious metal strategist at UBS. The improved U.S. economic outlook weighs on the metal, but it falls with riskier assets, and no longer a safe haven. Gold will likely retain its allegiance to riskier assets.

The recent weak gold prices have caused many investment banks to curtail their average price outlook for gold for 2012. Many of these banks hold a dimmer forecast for the second quarter. Among them, UBS, TD Securities and Deutsche Bank reduced their average gold price for the year to reflect the lacklustre performance in March.

By Uyen Phuong

Other news

Most view

The VN-Index of the Ho Chi Minh Stock Exchange (HoSE) rose 21.12 points on July 18 (Photo: VNA)

VN-Index rises over 21 points

The VN-Index of the Ho Chi Minh Stock Exchange (HoSE) rose 21.12 points on July 18, with 223.9 million shares worth over 4.9 trillion VND (211 million USD) traded. 


VNPT & SeABank cooperate to enhance connections

The Vietnam Posts and Telecommunications Group (VNPT) and SeABank just co-signed cooperation agreement, aiming to develop the two sides’ economic, business and investment potential.


185 leading domestic & in't enterprises join in VN ETE 2018

The Vietnam Exhibition of Electrical Technology and Equipment (Vietnam ETE 2018) and the Exhibition of Products, Technologies for Energy Saving and Green Power (ENERTEC EXPO 2018) yesterday kicked off in HCMC’s Saigon Exhibition Convention Center in district 7.

Self - introduction

VNPT targets to be leading digital service provider in Vietnam

The grand opening ceremony of the VNPT-Information Technology Company (VNPT-IT), a new member of the Vietnam Posts and Telecommunications Group (VNPT), was held yesterday in Hanoi. With thousands of IT engineers and the focus on developing state-of-the-art technological products related to Artificial Intelligence (AI), Bigdata, and Blockchain, the new company is considered the main force to help VNPT fulfill the goal of becoming a leading digital service provider in Vietnam and an important Digital Hub of the neighborhood as well as the world.

Stock market

SAS profits VND 118bln

The Southern Airports Service Joint Stock Company (Sasco) which is listed under code SAS on the Unlisted Public Company Market (UPCoM), announced its second quarter’s financial report with net revenue at VND 634.5billion, an increase of 14 percent compared to last year.