Gold hovers around VND44 million

Price of gold in Vietnam retreated to around VND44 million a tael (1.2 ounces) on April 3 after jumping to VND44.2 million at the start of the day while global price advanced slightly.

Sacombank Jewellery Company bought gold at VND43.83 million and sold at VND43.98 million as of 10.05am Vietnamese time.

Saigon Jewellery Company, Vietnam’s biggest gold processer and trader, collected the metal at VND43.82 million and sold at VND44.02 million as of 10.51am Vietnamese time.

Hanoi-based Phu Quy Jewellery Company purchased SJC-brand gold at VND43.91 million and sold at VND44 million as of 12.25pm Vietnamese time.

Bao Tin Minh Chau Jewellery Company quoted price at VND42.15 million for buying, and at VND42.45 million for selling at 12.45pm Vietnamese time.

Domestically, gold fetched around VND1.83 million a tael, higher than global price.

On free market, dollars were bought at VND20,810 per dollar, and sold at VND20,830 per dollar, a decrease of VND10 per dollar over last Saturday. 

Meanwhile, Vietcombank purchased the greenback at VND20,800 per dollar, and sold at VND20,860 per dollar, unchanged from last weekend.

Internationally, gold rose slightly along with crude oil and stock markets thanks to encouraging economic data from the US and China.

Gold for immediate delivery rose as much as $8.3 an ounce, or 0.5 per cent, to close at $1,678 an ounce in New York.

However, rising momentum slowed down as US policymakers did not mention further monetary policies to stimulate economic recovery.

In Asia, spot gold traded at $1,679.4 an ounce, up $1.4 an ounce at 10.15am Vietnamese time.

The European Central Bank will have a policy meeting on April 4. It is expected that ECB will keep its benchmark interest rates as high inflation level will not allow ECB to lower interest rate to boost growth.

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

Crude oil futures for May delivery fell $0.25 a barrel to trade at $104.98 a barrel at 10.15am Vietnamese time.

By Thuy Doan

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