Gold recovers on rising demand

The price of gold in Vietnam strongly rose on March 31 as previous drops spurred buying demand.

Sacombank Jewelry Company bought the metal at VND36.72 million and sold at VND36.78 million as of 9:15 am local time.

Saigon Jewelry Company, the biggest gold shop in Vietnam, purchased gold at VND36.7 million and sold at VND36.8 million at the same time.

Meanwhile, Hanoi-based Phu Quy Jewelry bought SJC-brand gold at VND36.67 million and sold at VND36.8 million.

Internationally, gold slightly rebounded as European sovereign debt crisis, war in Libya, and radiation danger in Japan urged investors to seek the metal as a safe-haven.

Gold futures for June delivery gained as much as US$7.4 an ounce, or 0.5 percent, to close at $1,424.9 an ounce on the Comex in New York.

In Asia, the metal continued going up in the trading session this morning. Gold for immediate delivery stood at $1,423.7 an ounce at 8:50 am Vietnamese time.

Crude oil declined as the US’s oil reserves were higher than forecast. Crude oil futures for May settlement closed down 0.5 percent to $104.27 a barrel. May-delivery Brent crude oil slid $0.03 a barrel to close at $115.13 a barrel.

On the foreign exchange market, the interbank US dollar exchange rate rose VND5 per dollar over the previous day to VND20,703. State-owned Vietcombank bought the greenback at VND20,905, and sold at VND20,910.

By Thuy Doan

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