Gold, dollar retreat

Price of gold in Vietnam fell by VND300,000 a tael (1.2 ounces) on March 28 as global price declined after approaching US$1,700 an ounce due to a stronger US dollar.

Sacombank Jewellery Company bought gold at VND44.15 million and sold at VND44.32 million as of 8.30am Vietnamese time.

Saigon Jewellery Company, Vietnam’s biggest gold processer and trader, collected the metal at VND44.1 million and sold at VND44.25 million as of 9.40am Vietnamese time.

Hanoi-based Phu Quy Jewellery Company purchased SJC-brand gold at VND44.11 million and sold at VND44.19 million as of 12pm Vietnamese time.

Bao Tin Minh Chau Jewellery Company quoted price at VND42.55 million for buying, and at VND42.85 million for selling at 12.30pm Vietnamese time.

After peaking at VND44.55 million a tael the previous morning, gold tended to drop due to weakening global price and depreciating black market dollar.
 
Domestically, gold fetched around VND2 million a tael, higher than global price.

On free market, dollars were bought at VND20,840 per dollar, and sold at VND20,860 per dollar, a decrease of VND20 per dollar in buying price, and VND30 per dollar in selling price over the previous day. 

Meanwhile, Vietcombank purchased the greenback at VND20,800 per dollar, and sold at VND20,860 per dollar, down VND60 per dollar from the previous day.

Internationally, gold retreated slightly at the trading session in Asia this morning after losing 0.6 per cent at the trading session in New York last night.

Yesterday, gold hit $1,698.5 an ounce, the highest level in the past two weeks. However, a strengthening US dollar prevented the heavy metal from surpassing $1,700 an ounce.

The greenback rose after statistics showed that the US real estate market had gradually become stable and consumer confidence had improved.

In Asia, spot gold traded at $1,681 an ounce, down $0.6 an ounce at 10.15am Vietnamese time.

Gold for immediate delivery lost as much as $9.3 an ounce to close at $1,681.6 an ounce in New York.

SPDR Gold Trust, the largest exchange traded fund backed by bullion, sold more than 2 metric tonnes of gold, sending its holdings to 1,286.6 metric tonnes.

The euro exchange rate against the US dollar was above $1.33 a euro in Tokyo this morning.

By Thuy Doan

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