Gold drops despite global gains

The price of gold in Vietnam retreated by VND100,000-150,000 a tael (1.2 ounces) over the previous day on March 22 although global price continued rising due to Libyan war, and concerns over Japanese radiation leak.

Sacombank Jewelry Company bought the metal at VND37.11 million and sold at VND37.17 million as of 9:15 am local time.

Saigon Jewelry Company, the biggest gold shop in Vietnam, purchased gold at VND37.1 million and sold at VND37.2 million at the same time.

Meanwhile, Hanoi-based Phu Quy Jewelry bought SJC-brand gold at VND37.09 million and sold at VND37.2 million as of 10 am local time.

Internationally, gold kept climbing as escalating conflict in Libya and unsolved radiation disaster in Japan prompted investors to seek the precious metal as a safe-haven.

Gold futures for April delivery rose as much as US$10.3 an ounce, or 0.7 percent, to close at $1,426.4 an ounce on the Comex in New York, the highest closing price since March 9.

In Asia, the metal strongly soared this morning. Gold for immediate delivery was traded at $1,430.4 an ounce by 10:15 am Vietnamese time.

Crude oil futures for April settlement rose $1.26 a barrel, or 1.3 percent, to close at $102.33 a barrel. Earlier, crude oil touched $103.35 a barrel.

April-delivery Brent crude oil gained $1.03 a barrel, or 0.9 percent, to close at $114.96.

The US Dollar Index, a six-currency gauge against the greenback’s strength, dropped to 75.46 yesterday.

Domestically, the US dollar exchange rate added another VND10 per dollar over the previous day at commercial banks.

State-owned Vietcombank bought the greenback at VND20,885, and sold at VND20,890.

By Moc Lan

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