Local investors neglect gold

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SaiGon GP English - 32 month(s) ago 12 readings

Local investors neglect gold

Price of gold in Vietnam dropped slightly on April 20, and although gold was at its lowest in the past five months, investors still neglected.

Sacombank Jewellery Company bought gold at VND42.45 million and sold at VND42.55 million as of 8.25am Vietnamese time.

Saigon Jewellery Company, Vietnam’s biggest gold processer and trader, collected the metal at VND42.38 million and sold at VND42.58 million as of 10.14am Vietnamese time.

Hanoi-based Phu Quy Jewellery Company purchased SJC-brand gold at VND42.51 million and sold at VND42.61 million as of 11.20am Vietnamese time.

Bao Tin Minh Chau Jewellery Company quoted price at VND41.95 million for buying, and at VND42.25 million for selling at 11.45am Vietnamese time.

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

Decree 24, regulating control of trading in gold, affected gold buyer sentiment considerably. Gold demand temporarily dropped. Most big investors still stood on sidelines and awaited information about the effect of Decree 24 on the whole bullion market. Thus, although gold declined, it failed to attract investors.

On free market, dollars were bought at VND20,820 per dollar, and sold at VND20,840 per dollar, unchanged as of the previous day.

Meanwhile, Vietcombank also held the rate at VND20,820 per dollar for buying, and at VND20,870 per dollar for selling.

Internationally, gold capped a four-consecutive-trading-session losing streak as a successful Spanish debt auction yesterday soothed concerns over the sovereign-debt crisis in Europe. In addition, disappointing US weekly jobless data also weighed on sentiment.

Gold for immediate delivery recovered as much as $0.6 an ounce to close at $1,643.6 an ounce in New York.

In Asia, gold went down at the beginning of the trading session, but started to rebound after 10am Vietnamese time. Spot gold rose $2.3 an ounce to trade at $1.645.9 an ounce at 10.25am Vietnamese time.

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

Crude oil futures for June delivery rose $0.25 a barrel to trade at $102.52 a barrel on the New York Mercantile Exchange at 10.35am Vietnamese time.

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