Gold, dollar edge up

Price of gold in Vietnam recovered to VND43.7 million a tael (1.2 ounces) on April 6 while global price regained slowly on thin trade.

Sacombank Jewellery Company bought gold at VND43.55 million and sold at VND43.67 million as of 8.10am Vietnamese time.

Saigon Jewellery Company, Vietnam’s biggest gold processer and trader, collected the metal at VND43.43 million and sold at VND43.63 million as of 10.15am Vietnamese time.

Hanoi-based Phu Quy Jewellery Company purchased SJC-brand gold at VND43.55 million and sold at VND43.67 million as of 10am Vietnamese time.

Bao Tin Minh Chau Jewellery Company quoted price at VND41.55 million for buying, and at VND41.85 million for selling at 11am Vietnamese time.

At this moment, Decree 24 for controlling trading of gold has not affected the domestic gold market much. Trading on bullion market was still slow and did not show clear tendency.

Domestically, gold fetched around VND2.7 million a tael, higher than global price.

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

Meanwhile, Vietcombank quoted the rate at VND20,825 for buying, and VND20,900 for selling, an increase of VND25 per dollar in buying price, and VND40 per dollar in selling price over the previous day.

Internationally, gold recovered from its biggest two-day drop in a month after investors covered short positions.

Gold for immediate delivery rose as much as $10.9 an ounce, or 0.7 per cent, to close at $1,632.3 an ounce in New York.

In Asia, gold fluctuated faintly this morning. Spot gold lost $1.9 an ounce to trade at $1,630.4 an ounce at 10.15am Vietnamese time.

Today, the US forward market closes for Easter.

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

Crude oil futures for May delivery slid $0.06 a barrel to trade at $103.25 a barrel at 10.30am Vietnamese time.

By Thuy Doan

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