Gold depreciates slightly

Price of gold in Vietnam dropped slightly on April 18 as global price prolonged losing trend, on concerns over the financial situation in Spain.

Sacombank Jewellery Company bought gold at VND42.75 million and sold at VND42.9 million as of 7.50am Vietnamese time.

Saigon Jewellery Company, Vietnam’s biggest gold processer and trader, collected the metal at VND42.64 million and sold at VND42.84 million as of 9.55am Vietnamese time.

Hanoi-based Phu Quy Jewellery Company purchased SJC-brand gold at VND42.77 million and sold at VND42.87 million as of 10.55am Vietnamese time.

Bao Tin Minh Chau Jewellery Company quoted price at VND42.15 million for buying, and at VND42.45 million for selling at 12pm Vietnamese time.

Domestically, gold fetched around VND1.3 million a tael, higher than global price.

Trading on bullion market improved slightly. Phu Quy Jewellery said that its trading volume rose by 30 per cent over the previous day with sellers outnumbering buyers.

On free market, dollars were bought at VND20,830 per dollar, and sold at VND20,850 per dollar, up VND10 per dollar over the previous day.

Meanwhile, Vietcombank continued to purchase the greenback at VND20,820 per dollar, and sell at VND20,870 per dollar.

Internationally, gold slid as concerns over the European sovereign debt strengthened the US dollar, curbing demand for the precious metal as an alternative asset.

Gold for immediate delivery fell as much as $2.9 an ounce to close at $1,651 an ounce in New York. Earlier, the metal sank to $1,633 an ounce, the lowest level in a week. However, the metal rebounded after a successful Spanish bond auction helped the shared currency rise.

Spot gold surged $2.8 an ounce to trade at $1,653.8 an ounce at 10.30am Vietnamese time.

The euro exchange rate against the US dollar was above $1.31 a euro in Tokyo this morning.

Crude oil futures for June delivery traded at $104.31 a barrel, up $0.11 a barrel on the New York Mercantile Exchange at 10.45am Vietnamese time.

By Thuy Doan

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