Gold lingers around VND43.8 million

Price of gold in Vietnam hovered around VND43.8 million a tael (1.2 ounces) on March 22 as global price was pinned at US$1,650 an ounce.

Price of gold in Vietnam hovered around VND43.8 million a tael (1.2 ounces) on March 22. (Photo: T.Doan)

Sacombank Jewellery Company bought gold at VND43.57 million and sold at VND43.77 million as of 8.50am Vietnamese time.

Saigon Jewellery Company, Vietnam’s biggest gold processer and trader, collected the metal at VND43.57 million and sold at VND43.77 million as of 10am Vietnamese time.

Hanoi-based Phu Quy Jewellery Company purchased SJC-brand gold at VND43.71 million and sold at VND43.81 million as of 10.30am Vietnamese time.

Bao Tin Minh Chau Jewellery Company quoted price at VND42.6 million for buying, and at VND42.85 million for selling at 12.05pm Vietnamese time.

Last evening, local gold price recovered to above VND44.8 million a tael, up VND250,000 per tael over the lowest price in the morning. However, recovery momentum failed to maintain at the trading session this morning as global price has not changed significantly.

Domestically, gold fetched around VND2.3 million a tael, higher than global price.

On free market, dollars were bought at VND20,850 per dollar, and sold at VND20,880 per dollar, up VND40 per dollar over the previous day.

Meanwhile, at commercial banks, the dollar exchange rate escalated strongly. Vietcombank purchased the greenback at VND20,850 per dollar, and sold at VND20,950 per dollar, an increase of VND20 per dollar in buying price, and VND60 per dollar in selling price from the previous day.

Eximbank bought dollars at VND20,830 per dollar, and sold at VND20,900 per dollar, up VND10 per dollar over the previous day.

The rate rose sharply as the State Bank of Vietnam tightened foreign currency position to plus/minus 20 per cent from plus/minus 30 per cent which may urge commercial banks with negative foreign currency position to buy in dollars to meet the new regulation.

Internationally, in the trading session in New York last night, gold failed to maintain gains from the trading sessions in Asia and Europe. Data on the US real estate market continued to show recovery in the world’s largest economy, prompting investors to pump their money into stock markets to take advantage of a rise in Wall Street.

In India, the world's largest gold consumer, jewellers remained closed for a fifth day in protest against an import duty hike on bullion.  

Gold for immediate delivery fell as much as $0.7 an ounce to close at $1,651.1 an ounce on the Kitco trading floor.

In Asia, gold declined after data showed that China's manufacturing activity shrank in March for a fifth straight month. Spot gold lost $0.7 an ounce to trade at $1,650.4 an ounce at 10.30am Vietnamese time.

The euro exchange rate against the US dollar was at above $1.32 a euro in Tokyo this morning.

Crude oil futures for April delivery traded at $106.53 a barrel, down $0.74 a barrel, on the New York Mercantile Exchange at 10.30am Vietnamese time.

By Thuy Doan

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