Gold dives to 14-week low

Price of gold in Vietnam sank to the lowest level since the beginning of the year on April 16, affected by losing momentum in global price at the trading session in Asia this morning.

Sacombank Jewellery Company bought gold at VND43.17 million and sold at VND43.25 million as of 9am Vietnamese time.

Saigon Jewellery Company, Vietnam’s biggest gold processer and trader, collected the metal at VND42.9 million and sold at VND43.1 million as of 11.20am Vietnamese time.

Hanoi-based Phu Quy Jewellery Company purchased SJC-brand gold at VND42.95 million and sold at VND43.08 million as of 11.50am Vietnamese time.

Bao Tin Minh Chau Jewellery Company quoted price at VND42.3 million for buying, and at VND42.6 million for selling at 12.30pm Vietnamese time.

In the past two weeks, gold lost nearly VND1.1 million a tael.

Domestically, gold fetched around VND1.6 million a tael, higher than global price. Last week, the gap shrank to just above VND1 million a tael.

Trading on bullion market remained muted. According to gold traders, gold has to change much more to stimulate trading. Besides, the fact that domestic gold remained higher than global price made investors hesitate to buy in.

On free market, dollars still stood at VND20,820 per dollar for buying, and VND20,840 per dollar for selling.

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

Internationally, gold declined as a stronger US dollar sapped demand for the precious metal as an alternative asset. The greenback rose after data showed that US economic growth was worse than forecast in first quarter.

Gold for immediate delivery fell as much as $7.9 an ounce, or 0.5 per cent, to trade at $1,651.8 an ounce at 10.45am Vietnamese time.

The euro exchange rate against the US dollar was just above $1.3 a euro in Tokyo this morning.

Crude oil futures for June delivery traded at $102.18 a barrel, losing $0.65 a barrel on the New York Mercantile Exchange at 10.45am Vietnamese time.

By Thuy Doan

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