Gold soars on Japanese quake

The price of gold in Vietnam jumped by VND150,000 a tael (1.2 ounces) over last weekend on March 14 as the global price raised on rising demand for the metal as a hedge against crisis after a strong earthquake hit Japan.

Sacombank Jewelry Company bought gold at VND37.13 million and sold at VND37.21 million as of 9:15 am local time.

Saigon Jewelry Company, the biggest gold shop in Vietnam, quoted the prices at VND37.1 million for buying and VND37.2 million for selling.

Hanoi-based Phu Quy Jewelry purchased SJC-brand gold at VND37.07 million and sold at VND37.22 million as of 9:30 am local time.

Earlier, the metal was traded at nearly VND37.4 million a tael. However, the prices started to fall as global price’s rising momentum weakened.

This morning, dollars were bought at VND20,865 and sold at VND20,870 at Vietcombank.

Internationally, gold gained as investors sought for shelter from the aftermath of Japan’s strongest earthquake and unrest in Middle East and North Africa.

Gold for immediate delivery rose as much as $2 an ounce over the closing price in New York to nearly $1,423 an ounce in Asia this morning.

Crude oil futures for April settlement dropped $1.32 a barrel over the closing price to close at $99.84 a barrel at 9:30 am Vietnamese time.

The euro exchange rate against the US dollar was at $1.39 a euro this morning.

By Ngoc Thien

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