Gold slightly rises on global record

The price of gold in Vietnam slightly rose to VND37.8 million a tael (1.2 ounces) on March 3 as global price made a new record in New York last night.

Sacombank Jewelery Company bought gold at VND37.7 million and sold at VND37.76 million as of 10 am local time.

Saigon Jewelry Company, the biggest gold shop in Vietnam, bought the precious metal at VND37.67 million and sold at VND37.75 million at the same time.

Meanwhile, Hanoi-based Phu Quy Jewelry bought SJC-brand gold at VND37.68 million and sold at VND37.8 million.

Domestically, gold fetched around VND50,000-100,000 a tael higher than global price.

Dollar exchange rate on free market stood stably at VND21,700. Dollars were bought at VND21,630 and sold at VND21,700, a increase of VND30 per dollar in buying price over the previous day.

Internationally, gold hit a new record high for the second day as concerns over the political crisis in Middle East and North Africa boosted the demand for the precious metal as a store of value.

Gold rose as much as $2.5 an ounce to close at $1,436.7 an ounce on the Comex in New York.  Earlier, the metal touched an all-time high of $1,441.3 an ounce.

In Asia this morning, bullion slightly fell due to profit-taking. Spot gold shed $2 an ounce to trade around $1,436.7 an ounce as of 10 am Vietnamese time.

Light sweet crude oil closed at $102.23 a barrel in New York, the first closing price above $100 since September  2008.

This morning, crude oil futures for April settlement traded at $102.6 a barrel as of 10 am Vietnamese time.

The euro exchange rate against the US dollar climbed to $1.39 in Tokyo this morning, from $1.38 the previous day, on speculation that European Central Bank would raise benchmark interest rate.

By Sao Khue

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