Gold recedes to nearly VND42 million

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SaiGon GP English - 33 month(s) ago 8 readings

Gold recedes to nearly VND42 million

Price of gold in Vietnam retreated to nearly VND42 million a tael (1.2 ounces) on April 19 as global price continually declined on concerns that the eurozone debt crisis could flare up again.

Sacombank Jewellery Company bought gold at VND42.55 million and sold at VND42.63 million as of 9.05am Vietnamese time.

Saigon Jewellery Company, Vietnam’s biggest gold processer and trader, collected the metal at VND42.36 million and sold at VND42.56 million as of 10.33am Vietnamese time.

Hanoi-based Phu Quy Jewellery Company purchased SJC-brand gold at VND42.47 million and sold at VND42.56 million as of 10.50am Vietnamese time.

Bao Tin Minh Chau Jewellery Company quoted price at VND41.95 million for buying, and at VND42.25 million for selling at 11.10am Vietnamese time.

Domestically, gold fetched around VND1.3-1.4 million a tael, higher than global price.

On free market, dollars were bought at VND20,820 per dollar, and sold at VND20,840 per dollar, a decrease of VND10 per dollar over the previous day.

Meanwhile, Vietcombank still purchased the greenback at VND20,820 per dollar, and sold at VND20,870 per dollar.

Internationally, gold fell for four consecutive trading sessions as weak physical demand and concerns over the sovereign-debt crisis in Europe weighed on sentiment.

Gold for immediate delivery fell as much as $8 an ounce, or 0.5 per cent, to close at $1,643 an ounce in New York.

Spot gold dipped $1.5 an ounce to trade at $1.641.5 an ounce at 10.45am 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 rose $0.09 a barrel to trade at $102.76 a barrel on the New York Mercantile Exchange at 10.55am Vietnamese time.

Investors are standing on sidelines and awaiting a key Spanish debt auction later in the day.

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