Gold retreats marginally

Price of gold in Vietnam retreated marginally over the previous day on March 13 while global price inched up a bit, with investors waiting to see if the US Federal Reserve signals another quantitative easing package after its policy meeting today.

Sacombank Jewellery Company bought gold at VND44.65 million and sold at VND44.75 million as of 8.50am Vietnamese time.

Saigon Jewellery Company, Vietnam’s biggest gold processer and trader, collected the metal at VND44.63 million and sold at VND44.73 million as of 9.35am Vietnamese time.

Hanoi-based Phu Quy Jewellery Company purchased SJC-brand gold at VND44.65 million and sold at VND44.75 million as of 11.28am Vietnamese time.

Bao Tin Minh Chau Jewellery Company quoted price at VND43.35 million for buying, and VND43.65 million for selling at 12.35pm Vietnamese time.

Domestically, gold fetched VND1.9 million a tael, higher than global price.

On free market, dollars maintained at VND20,810 per dollar for buying, and at VND20,830 per dollar for selling, unchanged as of the previous day.

Vietcombank also continued to purchase the greenback at VND20,810 per dollar, and sell at VND20,870 per dollar.

Globally, gold declined along with stock markets after economic data from China showed a slowdown in economic growth of the world’s second largest economy.

Gold for immediate delivery fell as much as $12.7 an ounce, or 0.7 per cent, to close at $1,701.8 an ounce in New York.

In Asia, the heavy metal recovered slightly this morning. Spot gold rose $3.3 an ounce to trade at $1,705.1 an ounce at 10am Vietnamese time.

The euro exchange rate against the US dollar was at $1.32 a euro in Tokyo this morning.

Crude oil futures for April delivery gained $0.63 a barrel to trade at $106.97 a barrel on the New York Mercantile Exchange at 10.30am Vietnamese time.

Today, markets will concentrate on Fed’s policy meeting. After recent positive signs of recovery of the US economy, investors concerned about a possibility that Fed would not pump more money into the economy.

Depreciation pressure on the precious metal would increase if Fed does not mention another quantitative easing package in its meeting tonight.

By Thuy Doan

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