Gold treads water; dollar slides

The price of gold in Vietnam stalled at VND37.7 million a tael (1.2 ounces) on March 7 whereas global price started week with a slight rise.

Sacombank Jewelery Company bought gold at VND37.64 million and sold at VND37.72 million as of 9 am local time.

Meanwhile, Hanoi-based Phu Quy Jewelry bought SJC-brand gold at VND37.61 million and sold at VND37.74 million.

Domestically, gold fetched around VND100,000 higher than global price.

Dollar exchange rate on free market sharply fell this morning. Dollars were bought at VND21,580 and sold at VND21,650, a decrease of VND140 per dollar in buying price and VND120 per dollar in selling price over the previous day.

In Asia this morning, gold for immediate delivery rose $4 an ounce over the closing price in New York to trade at $1,438 an ounce as of 9:40 am Vietnamese time

Last week, bullion soared 1.6 percent, heading for six consecutive weeks of gains.

The euro exchange rate against the US dollar remained at $1.4 a euro in Tokyo this morning.

Crude oil futures for April delivery closed at $104.42 a barrel in the New York Mercantile Exchange last week.

This morning, crude oil traded at $105.7 a barrel as of 9:50 am Vietnamese time.

By Da Nguyet

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