Gold and dollar march south

March 25, 2011 | 15:47

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The price of gold in Vietnam dropped below VND37 million a tael (1.2 ounces) on March 25 as global price declined due to profit-taking.

Sacombank Jewelry Company bought the metal at VND36.81 million and sold at VND36.89 million as of 9:40 am local time.

Saigon Jewelry Company, the biggest gold shop in Vietnam, purchased gold at VND36.8 million and sold at VND36.9 million at the same time.

Meanwhile, Hanoi-based Phu Quy Jewelry bought SJC-brand gold at VND36.8 million and sold at VND36.92 million as of 10:15 am local time.

Domestically, gold dropped VND250,000-270,000 a tael over the last weekend.

Internationally, gold also went down after jumping to an all-time high of $1,448.6 an ounce as high prices tempted investors to sell gold to lock in gains.

Gold futures for April delivery lost as much as $3.1 an ounce, or 0.2 per cent, to close at $1,434.9 an ounce on the Comex in New York.

In Asia, the metal continued to sink deeper this morning. Gold for immediate delivery stood at $1,432.6 an ounce at 10:10 am Vietnamese time.

Crude oil futures for April settlement slid $0.15 a barrel to close at $105.6 a barrel. Earlier, crude oil soared to $106.69 a barrel.

On the foreign exchange market, the US dollars fell VND5 per dollar over the previous day. State-owned Vietcombank bought the greenback at VND20,885, and sold at VND20,890.

SGGP

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