Gold sharply declines

The price of gold in Vietnam retreated to VND37 million a tael (1.2 ounces) on April 13 as global price continuously declined since the beginning of this week due to profit-taking.

Sacombank Jewelry Company bought the metal at VND36.92 million and sold at VND37.02 million as of 9:20 am local time.

Saigon Jewelry Company, the biggest gold shop in Vietnam, purchased gold at VND36.91 million and sold at VND37.03 million at the same time.

Meanwhile, Hanoi-based Phu Quy Jewelry bought SJC-brand gold at VND36.9 million and sold at VND37.03 million.

Domestically, gold declined by VND350,000 a tael over last weekend.

Internationally, gold fell as high prices prompted investors to dump the precious metal to lock in gains.

Gold futures for June delivery lost as much as US$14.5an ounce, or 1 percent, to close at $1,453.6 an ounce on the Comex in New York. Earlier, the metal dropped to $1,445 an ounce.

Crude oil also sank at the steepest pace in a month to the lowest level in two weeks due to concerns that oil consumption would fall as the market received negative economic data. Crude oil futures for May settlement fell 3.3 percent, or $3.67 a barrel, to close at $106.25 a barrel, the lowest level since March 30.

Crude oil has slid 5.8 percent this week.

On the foreign exchange market, the US dollars stalled at a record high of VND20,723 as of the beginning of this week. State-owned Vietcombank bought the greenback at VND20,925, and sold at VND20,930.

By Phong Linh

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