A decline of 5 per cent at the trading session in New York last night sent price of gold in Vietnam to VND44.5 million per tael (1.2 ounces), the lowest level in more than five weeks on March 1, but the metal soon recovered at the trading session in Asia this morning.
Sacombank Jewellery Company bought gold at VND44.6 million and sold at VND44.8 million as of 11.25 am Vietnamese time.
Saigon Jewellery Company, Vietnam’s biggest gold processor and trader, collected the metal at VND44.52 million and sold at VND44.82 million as of 11.25 am Vietnamese time.
Hanoi-based Phu Quy Jewellery Company purchased SJC-brand gold at VND44.65 million and sold at VND44.85 million as of 10.46 am Vietnamese time.
Bao Tin Minh Chau Jewellery Company quoted price at VND43.6 million for buying, and at VND43.95 million for selling at 11.55 am Vietnamese time.
Domestically, gold fetched around VND1.6 million a tael, higher than global price. Yesterday, the gap narrowed to below VND500,000 a tael.
The greenback stalled at VND20,800 per dollar for buying, and at VND20,820 per dollar for selling, unchanged as of the previous day, on free market this morning.
Meanwhile, Vietcombank bought dollar at VND20,800 per dollar, and sold at VND20,860 per dollar, down VND10 per dollar over the previous day.
Internationally, gold dropped drastically after US Federal Reserve Chairman Ben Bernanke did not mention another round of monetary easing in his semi-annual testimony in the US Congress.
Gold for immediate delivery fell as much as 4.9 per cent, the steepest pace in the past three years, to close at $1,695.39 an ounce on the Comex in New York.
Gold futures for April delivery lost $77.1 an ounce to close at $1,711.3 an ounce.
In Asia, the heavy metal recovered strongly this morning on bargain hunting. Spot gold was traded at $1,720.2 an ounce, up $22.5 an ounce, or 1.3 per cent over the closing price in New York, at 9 am Vietnamese time.
The euro exchange rate against the US dollar traded above $1.33 a euro in Tokyo this morning from nearly $1.35 a euro the previous day.