Gold soars sharply

The price of gold in Vietnam strongly jumped to VND37.7 million a tael (1.2 ounces), the highest level in the past few weeks, on April 21 as global price remained on robust rising trend.

Sacombank Jewelry Company bought the metal at VND37.67 million and sold at VND37.69 million as of 9:10 am local time.

Saigon Jewelry Company, the biggest gold shop in Vietnam, purchased gold at VND37.64 million and sold at VND37.7 million at the same time.

Meanwhile, Hanoi-based Phu Quy Jewelry bought SJC-brand gold at VND37.6 million and sold at VND37.73 million as of 9:15 am local time, up VND150,000 a tael over the previous day.

Internationally, gold advanced as concerns over rising inflation sent the US dollar down, boosting the demand for the precious metal as an alternative asset amid economic uncertainty.

Gold futures for June delivery headed for the fourth consecutive gain, soaring as much as US$3.8 an ounce, or 0.3 percent, to close at $1,499.9 an ounce on the Comex in New York. Earlier, the metal jumped to $1,506.2 an ounce.

In Asia, gold for immediate delivery hit $1,506.7 an ounce as of 9:20 am Vietnamese time.

The greenback continued debasing against most other major currencies as the US Dollar Index, which tracks the greenback’s strength against a basket of six major currencies, sank to 74.465 from 75.038 the previous day. The euro exchange rate against the greenback climbed to the highest level since January 2010.

Crude oil also surged to the highest level in two weeks as weekly oil reserves report showed a decline higher than expected. Crude oil futures for June settlement rose as much as $3.17 a barrel, or, 2.9 percent, to close at $111.45 a barrel.

Brent crude oil futures for May delivery rose to $123.85 a barrel.

On the foreign exchange market, the interbank US dollar exchange rate continued to drop by VND5 per dollar to VND20,723.

State-owned Vietcombank bought the greenback at VND20,900, and sold at VND20,930.

By Kha Lam

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