Gold makes sharp correction

Price of gold in Vietnam retreated to below VND44 million a tael (1.2 ounces) on March 29, affected by a sharp drop in global price at the trading session in New York last night.

Sacombank Jewellery Company bought gold at VND43.86 million and sold at VND43.96 million as of 9am Vietnamese time.

Saigon Jewellery Company, Vietnam’s biggest gold processer and trader, collected the metal at VND43.74 million and sold at VND43.94 million as of 11.12am Vietnamese time.

Hanoi-based Phu Quy Jewellery Company purchased SJC-brand gold at VND43.85 million and sold at VND43.94 million as of 11.11am Vietnamese time.

Bao Tin Minh Chau Jewellery Company quoted price at VND42.25 million for buying, and at VND42.55 million for selling at 11.20am Vietnamese time.

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

Trading on bullion market was muted yesterday. Saigon Jewellery Company bought around 1,000 taels of gold and sold a same amount of gold yesterday.

On free market, dollars were bought at VND20,820 per dollar, and sold at VND20,840 per dollar, down VND20 per dollar over the previous day.

Vietcombank bought the greenback at VND20,800 per dollar, and sold at VND20,860 per dollar.

Meanwhile, Eximbank purchased dollars at VND20,780 per dollar, and sold at VND20,850 per dollar.

Internationally, the precious metal continually declined as the greenback rose after data showed weaker-than-expected US manufactured goods orders and cautious comments from an ECB official that spurred a flurry of selling.

Gold for immediate delivery dropped as much as $18.5 an ounce, or 1.1 per cent, to close at $1,663.1 an ounce in New York last night.

Spot gold lost $1.5 an ounce to trade at $1,661.6 an ounce at 9.45am Vietnamese time.

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

Crude oil futures for May delivery slid $0.11 a barrel to trade at $105.3 a barrel on the New York Mercantile Exchange at 10am Vietnamese time.

By Thuy Doan

Other news

Most view

Banking-finance

VNPT & SeABank cooperate to enhance connections

The Vietnam Posts and Telecommunications Group (VNPT) and SeABank just co-signed cooperation agreement, aiming to develop the two sides’ economic, business and investment potential.


Economy

Vocarimex plans to expand export markets

The Vietnam Vegetable Oil Industry Corporation -Vocarimex (code: VOC) has set its target the 2018 revenue will reach VND 4,8trillion, an increasing of 9 percent compared to 2017 and pre-tax profit target will be VND 300 billlion ($ 13 million), dividend payment ratio at 12 percent.

 

Self - introduction

VNPT targets to be leading digital service provider in Vietnam

The grand opening ceremony of the VNPT-Information Technology Company (VNPT-IT), a new member of the Vietnam Posts and Telecommunications Group (VNPT), was held yesterday in Hanoi. With thousands of IT engineers and the focus on developing state-of-the-art technological products related to Artificial Intelligence (AI), Bigdata, and Blockchain, the new company is considered the main force to help VNPT fulfill the goal of becoming a leading digital service provider in Vietnam and an important Digital Hub of the neighborhood as well as the world.

Stock market

BLF & LUT fined VND 145mln

The State Securities Commission of Vietnam (SSC) has just issued administrative fines worth VND 145 million to Bac Lieu Seafood Corp (BLF) and Luong Tai Investment & Construction Corp (LUT).