Gold moves inversely with global price

Price of gold in Vietnam on April 10 almost stalled after continually declining since yesterday morning, whereas global price rose sharply.

Sacombank Jewellery Company bought gold at VND43.42 million and sold at VND43.52 million as of 8.10am Vietnamese time.

Saigon Jewellery Company, Vietnam’s biggest gold processer and trader, collected the metal at VND43.3 million and sold at VND43.5 million as of 8.10am Vietnamese time.

Hanoi-based Phu Quy Jewellery Company purchased SJC-brand gold at VND43.45 million and sold at VND43.52 million as of 10.25am Vietnamese time.

Bao Tin Minh Chau Jewellery Company quoted price at VND41.9 million for buying, and at VND42.2 million for selling at 11.15am Vietnamese time.

Domestically, gold fetched around VND2 million a tael, higher than global price. A muted bullion market with poor demand made domestic gold fail to maintain a wide gap with global price.

According to some gold traders, investors were waiting to see how the situation would change after Decree 24 for controlling trading of gold took effect. On the other hand, the current gold price was not attractive enough to encourage investors to increase trading.

On free market, dollars were bought at VND20,810 per dollar, and sold at VND20,830 per dollar, unchanged from the previous day. 

Meanwhile, Vietcombank quoted the rate at VND20,820 for buying, and VND20,870 for selling, up VND10 per dollar over the previous day.

Internationally, gold extended gains on revived hopes for more monetary easing by the US Federal Reserve and resilient physical demand in Asia.

Gold for immediate delivery rose as much as $10.2 an ounce, or 0.6 per cent, to close at $1,642.3 an ounce in New York.

Rising momentum was maintained at the trading session in Asia this morning. Spot gold added $10.3 an ounce to trade at $1,652.9 an ounce at 10.15am Vietnamese time.

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

Crude oil futures for May delivery rose $0.19 a barrel to trade at $102.65 a barrel at 10.25am Vietnamese time.

By Thuy Doan

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