Gold, dollar surge

Price of gold in Vietnam surpassed VND43.8 million a tael (1.2 ounces) on March 23 while global price was still pinned at below US$1,650 an ounce.

Buying still recorded as the main tendency on bullion market. (Photo: T.Doan)

Sacombank Jewellery Company bought gold at VND43.22 million and sold at VND43.82 million as of 9.05am Vietnamese time.

Saigon Jewellery Company, Vietnam’s biggest gold processer and trader, collected the metal at VND43.62 million and sold at VND43.82 million as of 8.30am Vietnamese time.

Hanoi-based Phu Quy Jewellery Company purchased SJC-brand gold at VND43.73 million and sold at VND43.831 million as of 9.35am Vietnamese time.

Bao Tin Minh Chau Jewellery Company quoted price at VND42.6 million for buying, and at VND42.85 million for selling at 10.45am Vietnamese time.

Domestically, gold fetched around VND2.35 million a tael, higher than global price.

Trading of bullion was sluggish yesterday as gold price no longer changed significantly as it did in previous days. However, buying still recorded as the main tendency on bullion market. Saigon Jewellery Company sold 3,000 taels of gold, and bought 500 taels yesterday.


On free market, dollars were bought at VND20,870 per dollar, and sold at VND20,890-20,900 per dollar, up VND20 per dollar in buying price, and VND10 per dollar in selling price over the previous day.

Meanwhile, the dollar exchange rate dropped drastically at Vietcombank. Vietcombank purchased the greenback at VND20,840 per dollar, and sold at VND20,900 per dollar, a decrease of VND10 per dollar in buying price, and VND50 per dollar in selling price from the previous day.

Eximbank bought dollars at VND20,850 per dollar, and sold at VND20,910 per dollar, up VND20 per dollar in buying price, and VND10 per dollar in selling price over the previous day.

Internationally, at the trading session in New York last night, gold plunged to a two-month low on fears of global economic slowdown after data showed that manufacturing activity in both China and Europe have shrunk further.

Gold for immediate delivery fell as much as $5.2 an ounce to close at $1,645.9 an ounce on the Kitco trading floor.

In Asia, gold recovered on bargain hunting. Spot gold traded at $1,647.5 an ounce at 10.30am Vietnamese time.

SPDR Gold Trust, the largest exchange traded fund backed by bullion, sold 7.6 metric tonnes of gold, reducing its holdings to 1,282.7 metric tonnes.

The US Labour Department yesterday announced that initial jobless claims the past week sank to lowest level in past four years, showing signs that the US job market is recovering.

By Thuy Doan

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