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

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