Gold retreats for three days

March 23, 2011 | 15:00

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The price of gold in Vietnam declined for three consecutive days on March 23 whereas global price rose for the fifth days on rising political crisis in Yemen and Syria.

Sacombank Jewelry Company bought the metal at VND36.99 million and sold at VND37.07 million as of 9:10 am local time.

Saigon Jewelry Company, the biggest gold shop in Vietnam, purchased gold at VND36.98 million and sold at VND37.08 million at the same time.

Meanwhile, Hanoi-based Phu Quy Jewelry bought SJC-brand gold at VND36.95 million and sold at VND37.07 million as of 9:45 am local time.

Domestically, gold has dropped since the beginning of this week, eroding VND100,000 per tael over last weekend.

It was announced in a meeting yesterday that the Government would not ban gold bar trading but it would intensify control over this market. Trading gold bar would become a conditional business.

Internationally, gold gained for five straight days as fiercer fighting in Libya, combined with political protests in Yemen and Syria helped the precious metal become more attractive to investors, luring them to shift their investments to gold.

Gold futures for April delivery rose as much as $1.2 an ounce, or 0.1 per cent, to close at $1,427.6 an ounce on the Comex in New York.

In Asia, the metal continual fluctuated in a wide range this morning. Gold for immediate delivery stood at $1,427.6 an ounce by 9:45 am Vietnamese time.

Crude oil futures for April settlement rose $1.67 a barrel, or 1.6 per cent, to close at $104 a barrel. Earlier, crude oil touched $103.35 a barrel.

April-delivery Brent crude oil gained $0.74 a barrel, or 0.9 per cent, to close at $115.7 a barrel.

On the foreign exchange market, the US dollar surged VND5 per dollar over the previous day to VND20,890 for buying, and VND20,895 for selling.

SGGP

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