Gold slides marginally

Despite a sharp rise globally, price of gold in Vietnam dropped over the previous day on April 13, narrowing the gap between global and local gold prices.

Sacombank Jewellery Company bought gold at VND43.26 million and sold at VND43.34 million as of 10am Vietnamese time.

Saigon Jewellery Company, Vietnam’s biggest gold processer and trader, collected the metal at VND43.15 million and sold at VND43.35 million as of 9.42am Vietnamese time.

Hanoi-based Phu Quy Jewellery Company purchased SJC-brand gold at VND43.25 million and sold at VND43.35 million as of 10am Vietnamese time.

Bao Tin Minh Chau Jewellery Company quoted price at VND42.65 million for buying, and at VND42.95 million for selling at 11am Vietnamese time.

Domestically, gold fetched around VND1.3 million a tael, higher than global price.

On free market, dollars stood at VND20,820 per dollar for buying, and VND20,840 per dollar for selling for three straight days.

Meanwhile, Vietcombank also continued to purchase the greenback at VND20,820 per dollar, and sell at VND20,870 per dollar.

Internationally, gold climbed nearly 1 per cent after disappointing weekly US unemployment reports claimed fed hopes that the US Federal Reserve would launch third round of quantitative easing to create more jobs.

Gold was also backed by a strengthened euro as Italian and Spanish bond auctions were better than expected.

Gold for immediate delivery rose as much as $15.6 an ounce, or 0.9 per cent, to close at $1,676.3 an ounce in New York.

Gold futures for June delivery gained 1.2 per cent to $1,680.6 an ounce.

In Asia, gold edged down as investors await key China growth data for better understanding of the global growth picture. Spot gold traded around $1,673.8 an ounce, down $2.8 an ounce at 10.05am Vietnamese time.

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

Crude oil futures for May delivery traded at $103.35 a barrel, dipping $0.29 a barrel on the New York Mercantile Exchange at 10.15am Vietnamese time.

By Thuy Doan

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