Gold returns to VND37 million

The price of gold in Vietnam hit VND37 million a tael (1.2 ounces) again on April 1 as global price robustly jumped in the trading session last night.

Sacombank Jewelry Company bought the metal at VND36.92 million and sold at VND36.98 million as of 9 am local time.

Saigon Jewelry Company, the biggest gold shop in Vietnam, purchased gold at VND36.9 million and sold at VND37 million at the same time.

Meanwhile, Hanoi-based Phu Quy Jewelry bought SJC-brand gold at VND36.88 million and sold at VND36.7 million as of 9:50 am local time.

Gold was bought at VND36.9 million and sold at VND37.02 million at Bao Tin Minh Chau.

Domestically, the metal has gained VND300,000-320,000 a tael over the previous day.

Internationally, gold sharply rose as a debasing US dollar, European sovereign debt crisis, and unrest in Middle East and North Africa increased the metal’s appeal as an alternative asset.

Gold futures for June delivery climbed as much as US$15 an ounce, or 1.1 percent, to close at $1,439.9 an ounce on the Comex in New York.

The metal shot up 2.1 percent in March.

In Asia, the metal weakened in the trading session this morning. Gold for immediate delivery stood at $1,430.3 an ounce at 9:55 am Vietnamese time.

Yesterday, Portugal’s Government admitted that it failed to meet last year’s budget deficit target. Accordingly, budget deficit in 2010 accounted for 8.6 percent of gross domestic product, exceeding the European Union’s maximum allowed limit of 7.3 percent due to losses caused by state-owned transport companies and a bank.

Crude oil rallied as Libyan rebellious groups retreated. Crude oil futures for May settlement gained $2.44 a barrel, or 2.4 percent to $106.72 a barrel. Crude oil has surged 10 percent in March.

May-delivery Brent crude oil soared $2.23 a barrel to close at $117.36 a barrel. The liquid jumped 23.9 percent in the first quarter of this year.

On the foreign exchange market, the interbank US dollar exchange rate raised for three consecutive days, adding VND5 per dollar over the previous day to VND20,708. State-owned Vietcombank bought the greenback at VND20,910, and sold at VND20,915.

By Thuy Doan

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