Gold slightly slides

The price of gold in Vietnam hovered around VND37 million a tael (1.2 ounces) on March 24 although global price hit a new record in the trading session last night.

Sacombank Jewelry Company bought the metal at VND36.95 million and sold at VND37.01 million as of 9:55 am local time.

Saigon Jewelry Company, the biggest gold shop in Vietnam, purchased gold at VND36.94 million and sold at VND37.02 million at the same time.

Meanwhile, Hanoi-based Phu Quy Jewelry bought SJC-brand gold at VND36.92 million and sold at VND37.05 million as of 10:30 am local time.

Domestically, gold dropped VND20,000-40,000 a tael over the previous day.

Internationally, gold moved inversely, closing at an all-time high on concerns over escalating oil prices amid tensions in Middle East and North Africa, and radiation crisis in Japan.

Gold futures for April delivery rose as much as US$10.4 an ounce, or 0.7 percent, to close at a record high of $1,438 an ounce on the Comex in New York.

Spot gold also climbed $9.8 an ounce.

In Asia, the metal swung strongly this morning sometimes surpassed $1,440 an ounce. Gold for immediate delivery stood at $1,437 an ounce at 10:30 am Vietnamese time.

Crude oil futures for May settlement rose $0.78 a barrel, or 0.7 percent, to close at $105.75 a barrel, the highest level since September 2008.

However, May-delivery Brent crude oil slid $0.15 a barrel to close at $115.55 a barrel.

On the foreign exchange market, the US dollar was unchanged as of the previous day. State-owned Vietcombank bought the greenback at VND20,890, and sold at VND20,895.

By Lam Ngoc

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