Gold rises to VND44.3 million

A rise of 1.6 per cent in global price sent price of gold in Vietnam to nearly VND44.6 million a tael (1.2 ounces) before retreating again on March 27.

Sacombank Jewellery Company bought gold at VND44.16 million and sold at VND44.31 million as of 10.30am Vietnamese time.

Saigon Jewellery Company, Vietnam’s biggest gold processer and trader, collected the metal at VND44.06 million and sold at VND44.31 million as of 9.40am Vietnamese time.

Hanoi-based Phu Quy Jewellery Company purchased SJC-brand gold at VND44.2 million and sold at VND44.28 million as of 10.18am Vietnamese time.

Bao Tin Minh Chau Jewellery Company quoted price at VND42.75 million for buying, and at VND43.05 million for selling at 10.55am Vietnamese time.

Domestically, gold fetched around VND1.9 million a tael, higher than global price.

On free market, dollars were bought at VND20,860 per dollar, and sold at VND20,890 per dollar, a decrease of VND30 per dollar over the previous day. 

Meanwhile, Vietcombank purchased the greenback at VND20,860 per dollar, and sold at VND20,920 per dollar.

Eximbank bought dollars at VND20,830 per dollar, and sold at VND20,910 per dollar, down VND10 per dollar in buying price over the previous day.

Internationally, gold declined at the trading session in Asia this morning after a rise of 1.6 per cent in price prompting investors to sell gold to lock in gains.

In Asia, spot gold traded at $1,688.8 an ounce, down $2.1 an ounce at 9.25am Vietnamese time.

Yesterday, the heavy metal jumped to $1.695 an ounce after Federal Reserve Chairman Ben Bernanke said ultra-loose monetary policy was still needed to reduce unemployment even though the US economy has shown signs of improvement, raising hopes of another round of quantitative easing.  

Gold for immediate delivery rose as much as $27.1 an ounce to close at $1,690.0 an ounce in New York, the strongest gain since March 13.

The euro exchange rate against the US dollar was at nearly $1.34 a euro in Tokyo this morning.

Gold futures for May delivery lost $0.03 a barrel to trade at $107 a barrel on the New York Mercantile Exchange at 9.35am Vietnamese time.

By Thuy Doan

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