Gold soars on global record

The price of gold in Vietnam resumed gains, surging by VND100,000 a tael (1.2 ounces) over the previous day on April 6 as global price unexpectedly hit a new record in the trading session in New York last night.

Sacombank Jewelry Company bought the metal at VND36.76 million and sold at VND36.89 million as of 8:30 am local time.

Saigon Jewelry Company, the biggest gold shop in Vietnam, purchased gold at VND36.75 million and sold at VND36.9 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 as of 10:15 am local time.

Earlier, the metal climbed to VND37 million a tael.

Internationally, gold climbed to an all-time high on concerns that the US Government may call halt to its operation due to a shortage in budget. Moreover, concerns over a long war in Middle East and North Africa, and sovereign-debt crisis in Europe also boosted the appeal of the precious metal.

Gold futures for June delivery rose as much as $19.5 an ounce, or 1.4 percent, to close at $1,452.5 an ounce on the Comex in New York. Earlier, the metal touched $1,455.5 an ounce.

Gold for immediate delivery also gained by nearly $20 an ounce to $1,454 an ounce.

In Asia, the metal faintly fluctuated this morning. Spot gold was traded at $1,453.3 an ounce as of 10:20 am Vietnamese time.

Domestically, the interbank US exchange rate slid VND5 per dollar to VND20,708. The highest rate applied at commercial banks was VND20,915.

Vietcombank bought the greenback at VND20,910, and sold at VND20,915.

By An Nam

Other news