Gold recovers again

Price of gold in Vietnam rebounded by VND200,000 a tael (1.2 ounces) over the previous day on March 16 as global price went up, snapping three days of losses.

Sacombank Jewellery Company bought gold at VND44.2 million and sold at VND44.35 million as of 10.15am Vietnamese time.

Saigon Jewellery Company, Vietnam’s biggest gold processer and trader, collected the metal at VND44.1 million and sold at VND44.35 million as of 10am Vietnamese time.

Hanoi-based Phu Quy Jewellery Company purchased SJC-brand gold at VND44.28 million and sold at VND44.38 million as of 10.33am Vietnamese time.

Bao Tin Minh Chau Jewellery Company quoted price at VND42.5 million for buying, and at VND42.8 million for selling at 11.15am Vietnamese time.

Domestically, gold fetched around VND2.6 million a tael, higher than global price.

Bullion market sizzled as the heavy metal sank to below VND44.2 million a tael, the lowest level in the past two months. Saigon Jewellery Company bought 1,500 taels of gold, and sold 3,500 taels of gold yesterday.

On free market, dollars continued to inch up this morning. The greenback was bought at VND20,830 per dollar, and sold at VND20,860 per dollar, an increase of VND10 per dollar over the previous day.

Meanwhile, Vietcombank purchased the greenback at VND20,790 per dollar, and sold at VND20,850 per dollar, unchanged from the previous day.

Internationally, gold recovered from a two-month low as a weaker US dollar spurred demand for the precious metal but was headed for third week of losses as a US brightened economic outlook prompted investors to put their money elsewhere.

Gold for immediate delivery rose as much as $13.5 an ounce, or 0.8 per cent, to close at $1,658.3 an ounce in New York.

In Asia, spot gold gained $5.2 an ounce to trade at $1,663.5 an ounce at 10.20am Vietnamese time.

The euro exchange rate against the US dollar was at $1.31 a euro in Tokyo this morning.

Crude oil futures for April delivery rose $0.47 a barrel to trade at $105.58 a barrel on the New York Mercantile Exchange at 10.30am Vietnamese time.

By Thuy Doan

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