Gold see-saws steeply

April 16, 2011 | 08:00

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The price of gold in Vietnam soared to above VND37.3 million a tael (1.2 ounces) on April 15, however, the metal declined quickly at a steep pace.

Sacombank Jewelry Company bought the metal at VND37.13 million and sold at VND37.19 million as of 9:30 am local time.

Saigon Jewelry Company, the biggest gold shop in Vietnam, purchased gold at VND37.12 million and sold at VND37.22 million at the same time.

Meanwhile, Hanoi-based Phu Quy Jewelry bought SJC-brand gold at VND37.09 million and sold at VND37.2 million as of 10 am local time.

Earlier, the metal jumped to VND37.34 million, up by VND300,000 over the previous day, as global price hit a record high of US$1,479.35 an ounce in the trading session this morning in Asia. June-delivery gold also climbed to $1,480.5 an ounce.

Internationally, gold advanced for two straight trading sessions as a weaker US dollar, concerns over Greece’s financial situation, and rising inflation boosted the demand for the precious metal as an alternative asset.

Gold futures for June delivery rose as much as US$16.8 an ounce, or 1.2 per cent, to close at $1,472.4 an ounce on the Comex in New York.

The US Dollar Index, a six-major-currency gauge against the greenback’s strength fell to 74.708 from 74.966 the previous day. Earlier, the measure plunged to 74.617, the lowest level since December 2009.

Crude oil futures for May settlement rose as much as $1 a barrel, or 0.9 per cent, to close at $108.11 a barrel. Crude oil futures have gained 27 per cent this year.

On the foreign exchange market, the interbank US dollar exchange surged by VND5 per dollar to VND20,723. State-owned Vietcombank bought the greenback at VND20,925, and sold at VND20,930.

SGGP

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