Gold sinks to two-month low

Price of gold in Vietnam on March 20 plunged to below VND44 million a tael (1.2 ounces) for the first time since January 17 as global price declined at the trading session in Asia this morning.

The price of gold in Vietnam dropped to below VND44 million a tael on March 20. (Photo: T.Doan)

Sacombank Jewellery Company bought gold at VND43.7 million and sold at VND43.9 million as of 10.35am Vietnamese time.

Saigon Jewellery Company, Vietnam’s biggest gold processer and trader, collected the metal at VND43.7 million and sold at VND43.9 million as of 10.43am Vietnamese time.

Hanoi-based Phu Quy Jewellery Company purchased SJC-brand gold at VND43.9 million and sold at VND44.03 million as of 10.30am Vietnamese time.

Bao Tin Minh Chau Jewellery Company quoted price at VND42.4 million for buying, and at VND42.7 million for selling at 11.20am Vietnamese time.

This is the lowest level gold has fallen in the past two months.

Domestically, gold fetched around VND2.2 million a tael, higher than global price. Gold traders explained that buying demand showed a slow down so local gold price had to narrow the gap with global price.

On free market, dollars were bought at VND20,810 per dollar, and sold at VND20,830 per dollar, down VND10 per dollar in selling price over the previous day.

Meanwhile, Vietcombank purchased the greenback at VND20,810 per dollar, and sold at VND20,870 per dollar, unchanged from the previous day.

Internationally, gold recovered in the trading session in New York last night but dropped steeply in the trading session in Asia this morning.

Gold for immediate delivery rose as much as 0.57 per cent, to close at $1,662.96 an ounce on the Kitco trading floor.

Gold futures for April delivery gained $11.5 an ounce, or 0.7 per cent, to close at $1,667.3 an ounce.

In Asia, spot gold fell nearly $10 an ounce to trade at $1,653 an ounce at 10.20am Vietnamese time.

The euro exchange rate against the US dollar was above $1.32 a euro in Tokyo this morning.

Crude oil futures for April delivery lost $0.51 a barrel to trade at $107.58 a barrel on the New York Mercantile Exchange at 10.30am Vietnamese time.

By Thuy Doan

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