Gold surpasses VND43 million

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SaiGon GP English - 26 month(s) ago 16 readings

Gold surpasses VND43 million

Price of gold in Vietnam exceeded VND43 million a tael (1.2 ounces) on April 26, thanks to a weak rise in global price.

Sacombank Jewellery Company bought gold at VND43.01 million and sold at VND43.08 million as of 10.40am Vietnamese time.

Saigon Jewellery Company, Vietnam’s biggest gold processer and trader, collected the metal at VND42.9 million and sold at VND43.1 million as of 11.25am Vietnamese time.

Hanoi-based Phu Quy Jewellery Company purchased SJC-brand gold at VND43.03 million and sold at VND43.13 million as of 10.55am Vietnamese time.

Bao Tin Minh Chau Jewellery Company quoted price at VND42.25 million for buying, and at VND42.55 million for selling at 12.30pm Vietnamese time.

People increased buying of gold since the metal rebounded from a five-month low. However, according to gold traders, buyers were mostly small investors who buy gold for storage. Meanwhile, big investors did not consider this time as suitable for buying gold as prospect of growth in gold in short term is low while it remains unclear about the actual effect of Decree 24 on local bullion market.

Domestically, gold fetched around VND1.65 million a tael, higher than global price.

On free market, dollars were unchanged at VND20,840 per dollar for buying, and at VND20,860 per dollar for selling from the previous day.

Meanwhile, Vietcombank bought the greenback at VND20,830 per dollar, and sold at VND20,880 per dollar, unchanged as of the previous day.

Internationally, gold edged up after the US Federal Reserve’s Chairman said that the central bank would not hesitate to launch another round of bond purchases if the economy were to weaken.

Gold for immediate delivery rose as much as $2.8 an ounce to close at $1,645.3 an ounce in New York last night. Earlier, the heavy metal sank to $1,623 an ounce, then jumped to $1,648 an ounce.

In Asia, the metal advanced marginally at the trading session this morning. Spot gold gained $2.4 an ounce to trade at $1,647.7 an ounce at 10.20am Vietnamese time.

The US Dollar Index, which tracks the greenback’s strength against a basket of six major currencies, stood at nearly a three-week low. The euro exchange rate against the US dollar was above $1.32 a euro in Tokyo this morning.

Crude oil futures for June delivery fell $0.15 a barrel to trade at $103.97 a barrel at 10.25am Vietnamese time.

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