Gold retreats below VND43.4 million

Despite a big gain in global price at the trading session in New York last night, price of gold in Vietnam climbed at the beginning of the trading session but soon resumed losing trend on April 11.

Sacombank Jewellery Company bought gold at VND43.25 million and sold at VND43.35 million as of 9.25am Vietnamese time.

Saigon Jewellery Company, Vietnam’s biggest gold processer and trader, collected the metal at VND43.17 million and sold at VND43.37 million as of 10.50am Vietnamese time.

Hanoi-based Phu Quy Jewellery Company purchased SJC-brand gold at VND43.24 million and sold at VND43.36 million as of 11am Vietnamese time.

Bao Tin Minh Chau Jewellery Company quoted price at VND42.3 million for buying, and at VND42.6 million for selling at 12.20pm Vietnamese time.

Domestically, gold fetched around VND1.8 million a tael, higher than global price.

On free market, dollars were bought at VND20,820 per dollar, and sold at VND20,840 per dollar, up VND10 per dollar over the previous day.

Meanwhile, Vietcombank purchased the greenback at VND20,820 per dollar, and sold at VND20,870 per dollar, unchanged from the previous day.

Internationally, gold climbed for four consecutive trading sessions as hopes for more monetary easing by the US Federal Reserve and disappointing China economic data showed inflation unexpectedly rise in March, boosting sentiment.

Gold for immediate delivery gained as much as $19.3 an ounce, or 1.2 per cent, to close at $1,661.6 an ounce in New York.

In Asia, gold edged down after four-day rally as investors sold gold to lock in gains. Spot gold lost $6.4 an ounce to trade at $1,655.2 an ounce at 10.50am Vietnamese time.

Yesterday, SPDR Gold Trust, the largest exchange traded fund backed by bullion, sold around 2.4 metric tonnes, lowering its holdings to 1,286.2 metric tonnes, the lowest level in two and a half weeks.

The euro exchange rate against the US dollar was below $1.31 a euro in Tokyo this morning. The shared currency was under depreciation pressure after Italian and Spanish government debt encountered slumped demand yesterday.

Crude oil futures for May delivery traded at $101.2 a barrel, up $0.18 a barrel on the New York Mercantile Exchange at 11am Vietnamese time.

By Thuy Doan

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