Gold recovers to above VND37 million

The price of gold in Vietnam rebounded to above VND37 million a tael (1.2 ounces) on March 18 as global price recovered to US$1,400 an ounce last night.

Sacombank Jewelry Company bought the metal at VND37.04 million and sold at VND37.14 million as of 9:30 am local time.

Saigon Jewelry Company, the biggest gold shop in Vietnam, purchased gold at VND37.02 million and sold at VND37.12 million at the same time.

Meanwhile, Hanoi-based Phu Quy Jewelry bought SJC-brand gold at VND37 million and sold at VND37.14 million.

The precious metal revived VND200,000-280,000 per tael over the previous day after sinking to VND36.86 million a tael, the lowest level in the past month.

Internationally, gold for immediate delivery gained 0.3 percent to close at US$1,403 an ounce.

Gold futures for April delivery climbed $8.1 an ounce to close at $1,404.2 an ounce.

In Asia, the metal prolonged rising trend this morning. Spot gold reached $1,409.7 an ounce as of 10:05 am Vietnamese time.

The danger of radiation leak has lessened as nuclear reactors gradually cooled down after Tokyo Electric Power Company used military helicopters to pour water to No.1 Fukushima Nuclear Power Plant.

The meeting between Group 7’s leaders this early morning has reached an agreement on preventing the Japanese yen from rising by simultaneously selling this currency after their markets opened.

Meanwhile, the political crisis in the Middle East and North Africa tended to escalate again, causing crude oil to resume gains.

Light sweet crude oil jumped $3.44 a barrel, or 3.15 percent, to close at $101.42 a barrel on the New York Mercantile Exchange.

Brent crude oil futures for May settlement rose $4.3 a barrel, or 4 percent, to $115 a barrel.

Meanwhile, the US Dollar Index, a gauge of six major currencies against the greenback’s strength, slid 0.4 percent. The US consumer price index rose 0.5 percent over the same period last year, higher than forecast.

The US dollar exchange rate surged by VND5 per dollar over the previous day at commercial banks.

State-owned Vietcombank bought the greenback at VND20,865, and sold at VND20,870.

By Vinh Nghi

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