Gold reverses on global rally

Although the global gold price hit an all-time high in the trading session last night in New York, the price of gold in Vietnam only climbed VND100,000 a tael to trade at VND37.5 million a tael (1.2 ounces) on March 2.

Sacombank Jewelery Company bought gold at VND37.38 million and sold at VND37.48 million as of 8:40 am local time.

Saigon Jewelry Company, the biggest gold shop in Vietnam, bought the precious metal at VND37.4 million and sold at VND37.5 million at the same time.

Meanwhile, Hanoi-based Phu Quy Jewelry bought SJC-brand gold at VND37.38 million and sold at VND37.53 million.

At Bao Tin Minh Chau, the metal was bought at VND37.36 million and sold at VND37.52 million.

Domestically, gold was equal to global price as it did not rise at the same pace with global price.

Dollar exchange rate on free market continued to drop this morning. Dollars were bought at VND21,590 and sold at VND21,700, a decrease of VND60 per dollar in buying price and VND20 per dollar in selling price over the previous day.

Internationally, gold peaked a new record as crude oil hiked amid tensions continued climbing in Middle East and North Africa.

Gold rose as much as $22 an ounce, or 1.6 percent, to close at $1,434.2 an ounce on the Comex in New York.  Earlier, the metal hit a record high of $1,436.2 an ounce.

Last month, bullion gained 6 percent, marking for the strongest monthly rise since August last year.

In Asia this morning, bullion traded at $1,430.3 an ounce, down $3.9 an ounce over the closing price in New York, as of 9 am Vietnamese time.

Light sweet crude oil jumped $2.66 a barrel to close at $99.63 a barrel in New York, the highest level since September 30, 2008.

Brent crude oil futures for April delivery closed at $115.42 a barrel, soaring $3.62 over the previous trading session in London.

This morning, crude oil futures for April settlement stood near $100.3 a barrel.

The euro exchange rate against the US dollar was at below $1.38 in Tokyo this morning.

By Thuy Doan

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