Gold, dollar continue marching south

The price of gold in Vietnam slid by VND150,00 a tael to below VND37.6 million a tael (1.2 ounces) on March 1 although global prices maintained a faint rising momentum.

Sacombank Jewelery Company bought gold at VND37.47 million and sold at VND37.53 million as of 10 am local time.

Saigon Jewelry Company, the biggest gold shop in Vietnam, bought the precious metal at VND37.48 million and sold at VND37.56 million at the same time.

Meanwhile, Hanoi-based Phu Quy Jewelry bought SJC-brand gold at VND37.47 million and sold at VND37.59 million.

Trading on bullion market remained slow.

Domestically, gold fetched VND400,000 a tael higher than global prices.

Dollar exchange rate on free market fell by VND80 per dollar over the previous day. Dollars were bought at VND21,750 and sold at VND21,800.

Internationally, gold for immediate delivery slightly rose by US$1.6 an ounce to close at $1,412.2 an ounce on the Comex in New York.

In Asia this morning, bullion fluctuated around this level.

SPDR Gold Trust, the largest exchange-traded fund backed by bullion, sold 0.6 metric tons, reducing its holdings to 1,211 metric tons, the lowest level since May 2010.

Crude oil futures for April settlement contracted $0.91 a barrel to close at $96.97 a barrel. Last month, crude oil gained 5 percent, marking the strongest monthly gain since December last year.

This morning, crude oil traded above $96.9 a barrel as of 10 am Vietnamese time.

The euro exchange rate against the US dollar surged to $1.38 in Tokyo this morning.

By Thuy Doan

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