Gold continues losing

The price of gold in Vietnam continued to drop by VND100,000 a tael (1.2 ounces) on March 10 though global price was almost unchanged.

Sacombank Jewelry Company bought the metal at VND37.45 million and sold at VND37.51 million as of 9:45 am local time.

Meanwhile, Hanoi-based Phu Quy Jewelry bought SJC-brand gold at VND37.44 million and sold at VND37.54 million at the same time.

The US dollar trading on black market in the country had totally been frozen as gold shops in Ho Chi Minh City also refused to trade the greenback.

Meanwhile, state-owned Vietcombank bought dollars at VND20,875, and sold at VND20,880.

Globally, gold for immediate delivery rose as much as $1.3 an ounce to close at $1,431.2 an ounce on the Comex in New York.

In Asia this morning, gold slightly shrank to trade below $1,430 an ounce as of 10 am Vietnamese time.

According to experts, gold may decline when major economies, including the US, Europe, or China, tighten their monetary policy to ease inflation.

Crude oil futures for April delivery tripped $0.64 a barrel to close at $104.38 a barrel on the New York Mercantile Exchange.

In London, Brent crude oil rose $2.88 a barrel to $115.94 a barrel.

By Gia Han

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