Gold extends 14-week low

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SaiGon GP English - 26 month(s) ago 63 readings

Gold extends 14-week low

Price of gold in Vietnam fell to below VND42.9 million a tael (1.2 ounces) on April 17 as global price continued to drop further.

Sacombank Jewellery Company bought gold at VND42.8 million and sold at VND42.9 million as of 8.50am Vietnamese time.

Saigon Jewellery Company, Vietnam’s biggest gold processer and trader, collected the metal at VND42.68 million and sold at VND42.88 million as of 10.40am Vietnamese time.

Hanoi-based Phu Quy Jewellery Company purchased SJC-brand gold at VND42.82 million and sold at VND42.92 million as of 10.50am Vietnamese time.

Bao Tin Minh Chau Jewellery Company quoted price at VND42.2 million for buying, and at VND42.5 million for selling at 11.30am Vietnamese time.

Domestically, gold fetched around VND1.5 million a tael, higher than global price.

On free market, dollars stalled at VND20,820 per dollar for buying, and VND20,840 per dollar for selling for a week.

Meanwhile, Vietcombank also continued to purchase the greenback at VND20,820 per dollar, and sell at VND20,870 per dollar. The inter-bank exchange rate was unchanged at VND20,828 since the end of last year.

Internationally, gold marched south, tracking the euro’s weakness as investors watched the Spanish bond auction with renewed concerns about the European sovereign debt crisis.

Gold for immediate delivery fell as much as $5.6 an ounce, or 0.3 per cent, to close at $1,653.9 an ounce in New York.

Spot gold lowered $3.6 an ounce to trade at $1.650.3 an ounce at 10am Vietnamese time.

The euro exchange rate against the US dollar was above $1.31 a euro in Tokyo this morning.

Crude oil futures for June delivery traded at $103.18 a barrel, up $0.65 a barrel on the New York Mercantile Exchange at 10.05am Vietnamese time.

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