Gold makes correction; dollar hikes

The price of gold in Vietnam dropped by VND150,000 a tael (1.2 ounces) on March 4 as global price declined after investors sold gold heavily to take profits.

Sacombank Jewelery Company bought gold at VND37.55 million and sold at VND37.63 million as of 9:30 am local time.

Saigon Jewelry Company, the biggest gold shop in Vietnam, bought the precious metal at VND37.54 million and sold at VND37.61 million at the same time.

Meanwhile, Hanoi-based Phu Quy Jewelry bought SJC-brand gold at VND37.54 million and sold at VND37.66 million.

Domestically, gold fetched VND450,000 higher than global price.

Dollar exchange rate on free market strongly rose this morning. Dollars were bought at VND21,700 and sold at VND21,750, an increase of VND70 per dollar in buying price and VND50 per dollar in selling price over the previous day.

Internationally, gold slid as two days of rallies prompted investors to sell gold to lock in gains.

Gold for immediate delivery lost as much as $20.4 an ounce, or 1.4 percent, to close at $1,416.3 an ounce on the Comex in New York. 

In Asia, bullion slightly revived this morning. Spot gold traded at $1,418.8 an ounce, up $2.5 an ounce over the closing price in New York, as of 10 am Vietnamese time.

Holdings at SPDR Gold Trust, the world’s largest exchange-traded fund backed by bullion, reduced to 1,210.6 metric tons yesterday, the lowest level since May last year.

The euro exchange rate against the US dollar reached four-month high at $1.4 a euro after the President of the European Central Bank signaled that ECB may raise benchmark interest rate next month.

Light sweet crude oil slid $0.32 a barrel to close at $101.91 a barrel in the New York Mercantile Exchange.

This morning, crude oil futures stood at $102.3 a barrel as of 10 am Vietnamese time.

By Da Nguyet

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