Gold and dollar escalate

April 08, 2011 | 17:59

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The price of gold in Vietnam jumped to VND37.2 million a tael (1.2 ounces) on April 8 as global price advanced for three consecutive days.

Sacombank Jewelry Company bought the metal at VND37.1 million and sold at VND37.14 million as of 10:20 am local time.

Saigon Jewelry Company, the biggest gold shop in Vietnam, purchased gold at VND37.07 million and sold at VND37.15 million at the same time.

Meanwhile, Hanoi-based Phu Quy Jewelry bought SJC-brand gold at VND37.06 million and sold at VND37.19 million as of 10:45 am local time.

Bao Tin Minh Chau bought gold at VND37.05 million and sold at VND37.2 million.

Internationally, concerns over the European sovereign-debt, rising inflation, and quake in Japan fueled increasing momentum of gold prices.

Gold futures for June delivery rose as much as $0.8 an ounce, or 0.1 per cent, to close at $1,459.3 an ounce on the Comex in New York. Earlier, the metal soared to an all-time high of $1,466.5 an ounce.

Gold for immediate delivery closed at $1,459 an ounce.

In Asia, the metal strongly shot up this morning. Spot gold was traded at $1,465.1 an ounce as of 10:45 am Vietnamese time.

Yesterday, the European Central Bank raised its benchmark interest rate the first time since 2008. However, investors were neglectful after earthquake hit Japan again.

Crude oil peaked a 30-month high. Crude oil futures for May settlement rose $1.19 a barrel to close at $110.01 a barrel, the highest level since September 22, 2008. Brent crude oil futures for May delivery surged to $122.67 a barrel, the highest level since August 4, 2008.

Domestically, the interbank US exchange rate rose by VND5 per dollar to an all-time high VND20,718,.

Vietcombank bought the greenback at VND20,920, and sold at VND20,925.

SGGP

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