Gold hovers around VND44.8 million

Price of gold in Vietnam fell by nearly VND100,000 a tael (1.2 ounces) over last weekend on March 12 as global price declined due to investors’ cautiousness ahead of the US Federal Reserve policy meeting on Tuesday.

Sacombank Jewellery Company bought gold at VND44.4 million and sold at VND44.8 million as of 8.20am Vietnamese time.

Saigon Jewellery Company, Vietnam’s biggest gold processer and trader, collected the metal at VND44.6 million and sold at VND44.8 million as of 8.50am Vietnamese time.

Hanoi-based Phu Quy Jewellery Company purchased SJC-brand gold at VND44.72 million and sold at VND44.82 million as of 11.35am Vietnamese time.

Bao Tin Minh Chau Jewellery Company quoted price at VND43.45 million for buying, and VND43.75 million for selling at 11.45am Vietnamese time.

Domestically, gold fetched around VND1.9 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, almost unchanged as of last Saturday.

Vietcombank bought the greenback at VND20,810 per dollar, and sold at VND20,870 per dollar. The State Bank of Vietnam still kept the interbank dollar exchange rate at VND20,828 per dollar.

In Asia, the metal rose slightly at the beginning of the trading session but it soon retreated this morning. Some investors were likely to stay on the sidelines ahead of a US Federal Reserve meeting this week, which could potentially weigh on the precious metal.

Gold for immediate delivery dropped as much as $4.9 an ounce to close at $1,709.6 an ounce on the Kitco trading floor at 10.05am Vietnamese time.

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

Crude oil futures for April delivery slid $0.7 a barrel to trade at $106.7 a barrel on the New York Mercantile Exchange at 10.15am Vietnamese time.

By Thuy Doan

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