Gold jumps on global rising momentum

The price of gold in Vietnam sprang to above VND37.7 million a tael (1.2 ounces), the highest level in the past few weeks, on April 28 as global price closed at an all-time high in the trading session in New York last night.

Sacombank Jewelry Company bought the metal at VND37.66 million and sold at VND37.74 million as of 7:45 am local time.

Saigon Jewelry Company, the biggest gold shop in Vietnam, purchased gold at VND37.65 million and sold at VND37.75 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 8:45 am local time, up VND150,000 a tael over the previous day.

Internationally, gold peaked a new record as concerns over rising inflation spurred investors to seek the precious metal as an alternative asset after the US Federal Reserve decided to keep its benchmark interest rate at a record low of 0-0.25 percent.

Gold futures for June delivery jumped as much as US$13.6 an ounce, or 0.9 percent, to close at $1,517.1 an ounce on the Comex in New York.

The contract gained $10 an ounce to $1,527.1 an ounce on the electronic trading platform Globex after touching $1,530.7 an ounce at 4 pm local time.

In Asia, the metal prolonged rising momentum in the trading session this morning. Gold for immediate delivery hovered around $1,528.8 an ounce as of 8:35 am Vietnamese time.

Crude oil also surged due to Fed’s announcement. Crude oil futures for June settlement rose as much as $0.55 a barrel, or 0.5 percent, to close at $112.76 a barrel.

On the foreign exchange market, the interbank US dollar exchange rate continued to drop by VND5 per dollar to VND20,693.

State-owned Vietcombank bought the greenback at VND20,570, and sold at VND20,640. Eximbank purchased dollars at VND20,580-20,600 and sold at VND20,660.  Sacombank quoted the price at VND20,560-20,580 for buying and VND20,660 for selling.

By Gia Han

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