Gold sharply retreats

The price of gold in Vietnam started to drop after opening the day at VND36.9 million a tael (1.2 ounces) on April 4 although global price slightly climbed.

Sacombank Jewelry Company bought the metal at VND36.77 million and sold at VND36.83 million as of 9:25 am local time.

Saigon Jewelry Company, the biggest gold shop in Vietnam, purchased gold at VND36.75 million and sold at VND36.85 million at the same time.

Meanwhile, Hanoi-based Phu Quy Jewelry bought SJC-brand gold at VND36.74 million and sold at VND36.86 million.

Domestically, gold fell by VND80,000-VND90,000 a tael after losing VND37 million mark last weekend.
Internationally, gold slightly fluctuated in Asia this morning. Gold for immediate delivery rallied US$1 an ounce over the closing price last weekend in New York to stand at $1,429.7 an ounce at 9:30 am Vietnamese time.

Last weekend, the metal strongly declined after reports showed that the US’s economy was positively recovering and the country would not end the second quantitative easing package early.

On the foreign exchange market, the interbank US dollar exchange rate stood steadily at VND20,703 as of last weekend. State-owned Vietcombank bought the greenback at VND20,905, and sold at VND20,910.

By Thuy Doan

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