Gold sinks below VND44.3 million

Price of gold in Vietnam continued to drop on March 15 as global price retreated for fourth consecutive trading session.

Sacombank Jewellery Company bought gold at VND44.01 million and sold at VND44.26 million as of 11am Vietnamese time.

Saigon Jewellery Company, Vietnam’s biggest gold processer and trader, collected the metal at VND43.99 million and sold at VND44.24 million as of 11.04am Vietnamese time.

Hanoi-based Phu Quy Jewellery Company purchased SJC-brand gold at VND44.15 million and sold at VND44.29 million as of 11.06am Vietnamese time.

Bao Tin Minh Chau Jewellery Company quoted price at VND42.4 million for buying, and at VND42.7 million for selling at 11.25am Vietnamese time.

Domestically, gold fetched nearly VND3 million a tael, higher than global price.

Gold traders said that trading of gold bars still experienced a slump despite a decline in price. Saigon Jewellery Company only bought a few hundred taels of gold and sold the same amount yesterday. Normally, the company usually trades thousands of taels of gold a day.

Market failed to show tendency clearly with both buying and selling demand remaining weak. The price had not been attractive enough to boost trading on bullion market. Besides, cash flow has been shifting to stock markets lately, said Nguyen Cong Tuong, deputy head of sales at Saigon Jewellery Company.

On free market, dollars started to rise after being stable for several days. The greenback was bought at VND20,820 per dollar, and sold at VND20,850 per dollar, an increase of VND10 per dollar in buying price, and VND20 per dollar in selling price over the previous day.

Meanwhile, dollar exchange rate declined at some commercial banks this morning. Vietcombank purchased the greenback at VND20,790 per dollar, and sold at VND20,850 per dollar, down VND20 per dollar.

Internationally, pressure on gold increased after hopes on another quantitative easing package faded and China also signaled that it would not loosen tight policies on its real estate market soon.

Gold for immediate delivery fell as much as $31.3 an ounce to close at $1,644.8 an ounce in New York. Earlier, the heavy metal plunged to $1,633 an ounce.

In Asia, the heavy metal continued to drop this morning. Spot gold lost $0.6 an ounce to trade at $1,644.2 an ounce at 9.50am Vietnamese time.

The US dollar strengthened against other major currencies, thanks to encouraging US economic data. Euro exchange rate against the US dollar was around $1.3 a euro in Tokyo this morning from $1.31 a euro the previous day.

Crude oil futures for April delivery rose $0.18 a barrel to trade at $105.61 a barrel on the New York Mercantile Exchange at 10am Vietnamese time.

By Thuy Doan

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